Cerity Partners LLC Raises Stock Position in The Progressive Co. (NYSE:PGR)

Cerity Partners LLC lifted its stake in shares of The Progressive Co. (NYSE:PGR) by 50.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 160,206 shares of the insurance provider’s stock after buying an additional 53,732 shares during the quarter. Cerity Partners LLC’s holdings in Progressive were worth $40,654,000 at the end of the most recent reporting period.

Several other institutional investors have also modified their holdings of PGR. CreativeOne Wealth LLC purchased a new stake in shares of Progressive during the 1st quarter worth approximately $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 during the last quarter. Advisors Asset Management Inc. raised its position in Progressive by 88.7% in the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock valued at $1,577,000 after purchasing an additional 3,585 shares during the last quarter. LRI Investments LLC purchased a new stake in Progressive in the 1st quarter valued at $64,000. Finally, Lazard Asset Management LLC raised its position in Progressive by 138.1% in the 1st 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 during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the subject of several research reports. Piper Sandler upped their price target 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 upped their price target on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. Morgan Stanley upped their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Finally, BMO Capital Markets reduced their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 10.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock valued at $14,975,979 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

NYSE:PGR opened at $266.06 on Friday. 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 Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $266.18. The stock has a market cap of $155.86 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36. The firm’s fifty day simple moving average is $253.06 and its 200-day simple moving average is $231.63.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping 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 business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Analysts expect that The Progressive Co. will post 13.12 earnings per share 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.