Nwam LLC Takes $929,000 Position in The Progressive Co. (NYSE:PGR)

Nwam LLC bought a new stake in shares of The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund bought 3,662 shares of the insurance provider’s stock, valued at approximately $929,000.

Several other institutional investors have also bought and sold shares of PGR. CreativeOne Wealth LLC purchased a new stake in shares of Progressive in the first quarter valued at about $220,000. EP Wealth Advisors LLC lifted its position in shares of Progressive by 4.1% during the 1st quarter. EP Wealth Advisors LLC now owns 1,579 shares of the insurance provider’s stock worth $327,000 after buying an additional 62 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Progressive by 88.7% during the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock worth $1,577,000 after buying an additional 3,585 shares in the last quarter. LRI Investments LLC purchased a new position in shares of Progressive in the 1st quarter worth approximately $64,000. Finally, Lazard Asset Management LLC increased its position in shares of Progressive by 138.1% during the first quarter. Lazard Asset Management LLC now owns 10,021 shares of the insurance provider’s stock valued at $2,071,000 after acquiring an additional 5,813 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock valued at $14,975,979 in the last three months. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have weighed in on PGR. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. BMO Capital Markets cut their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Keefe, Bruyette & Woods raised their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. The Goldman Sachs Group boosted their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research note on Monday, August 12th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive Stock Performance

Shares of PGR opened at $266.06 on Friday. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $266.18. The stock’s 50-day simple moving average is $253.06 and its 200 day simple moving average is $231.63. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market capitalization of $155.86 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Research analysts forecast that The Progressive Co. will post 13.12 EPS for the current fiscal year.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.