Klingman & Associates LLC Acquires Shares of 1,420 The Progressive Co. (NYSE:PGR)

Klingman & Associates LLC purchased a new stake in shares of The Progressive Co. (NYSE:PGR) during the third quarter, Holdings Channel.com reports. The fund purchased 1,420 shares of the insurance provider’s stock, valued at approximately $360,000.

Several other large investors also recently added to or reduced their stakes in PGR. Davis Capital Management bought a new stake in shares of Progressive in the third quarter valued at approximately $25,000. WR Wealth Planners LLC raised its stake in Progressive by 119.6% in the second 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 in the last quarter. Hilltop National Bank lifted its position in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 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 buying an additional 73 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Progressive during the 1st quarter valued at $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several research analysts recently issued reports on PGR shares. 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 report on Friday. Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. StockNews.com cut shares of Progressive from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Wells Fargo & Company upped their price objective on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, Evercore ISI lifted their target price on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Moderate Buy” and a consensus price target of $269.56.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CEO Susan Patricia Griffith sold 43,370 shares of the 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 sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock valued at $18,674,912 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR opened at $261.51 on Friday. The stock has a market capitalization of $153.20 billion, a PE ratio of 19.01, a price-to-earnings-growth ratio of 0.72 and a beta of 0.36. The stock’s 50 day moving average price is $251.41 and its 200-day moving average price is $228.12. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.39. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.30.

Progressive (NYSE:PGR) last released 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. 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 the consensus estimate of $18.95 billion. On average, equities research analysts predict that The Progressive Co. will post 13.14 EPS for the current year.

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.