National Wealth Management Group LLC Takes $1.19 Million Position in The Progressive Co. (NYSE:PGR)

National Wealth Management Group LLC purchased a new stake in shares of The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to its most recent filing with the SEC. The institutional investor purchased 4,699 shares of the insurance provider’s stock, valued at approximately $1,192,000.

Other hedge funds also recently added to or reduced their stakes in the company. Davis Capital Management bought a new position in Progressive during the 3rd quarter valued at about $25,000. WR Wealth Planners LLC grew its holdings in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. grew its stake in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Hilltop National Bank grew its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares in the last quarter. Finally, LRI Investments LLC bought a new position in Progressive in the 1st quarter worth about $36,000. 85.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on Tuesday, September 3rd. The shares were 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 directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction 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 sale, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,209 shares of company stock valued at $14,975,979. Insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.4 %

NYSE:PGR opened at $266.86 on Thursday. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $270.62. The firm has a 50 day moving average of $253.65 and a 200 day moving average of $232.72. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $156.33 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. As a group, sell-side analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have commented on PGR. Evercore ISI upped their target price on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Roth Mkm upped their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. The Goldman Sachs Group upped their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. TD Cowen upped their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Finally, BMO Capital Markets dropped their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $269.81.

Progressive Company Profile

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.