Algert Global LLC Takes Position in The Progressive Co. (NYSE:PGR)

Algert Global LLC bought a new position in The Progressive Co. (NYSE:PGR) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor bought 13,754 shares of the insurance provider’s stock, valued at approximately $3,490,000.

A number of other institutional investors have also bought and sold shares of the business. Advisors Asset Management Inc. boosted its position in shares of Progressive by 88.7% during the first quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock worth $1,577,000 after acquiring an additional 3,585 shares during the last quarter. Lazard Asset Management LLC grew 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 purchasing an additional 5,813 shares in the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of Progressive by 7.2% in the first quarter. B. Riley Wealth Advisors Inc. now owns 7,972 shares of the insurance provider’s stock worth $1,649,000 after buying an additional 537 shares in the last quarter. Tidal Investments LLC lifted its position in shares of Progressive by 22.2% in the first quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after buying an additional 5,691 shares in the last quarter. Finally, SkyView Investment Advisors LLC boosted its stake in Progressive by 2.6% during the first quarter. SkyView Investment Advisors LLC now owns 7,096 shares of the insurance provider’s stock valued at $1,468,000 after buying an additional 182 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Down 0.1 %

Shares of PGR opened at $265.89 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market capitalization of $155.76 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 0.74 and a beta of 0.36. The company has a 50-day moving average of $253.25 and a 200 day moving average of $232.11. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $266.89.

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, beating analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, research analysts expect that The Progressive Co. will post 13.17 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on PGR. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Piper Sandler upped their target price on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Barclays lifted their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Finally, Wells Fargo & Company upped their price objective on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

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.