B. Metzler seel. Sohn & Co. Holding AG Takes Position in The Progressive Co. (NYSE:PGR)

B. Metzler seel. Sohn & Co. Holding AG acquired a new stake in The Progressive Co. (NYSE:PGR) in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 35,211 shares of the insurance provider’s stock, valued at approximately $8,935,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Banque Cantonale Vaudoise raised its holdings in Progressive by 56.8% during the 3rd quarter. Banque Cantonale Vaudoise now owns 32,883 shares of the insurance provider’s stock worth $8,344,000 after purchasing an additional 11,913 shares during the last quarter. OneAscent Financial Services LLC acquired a new stake in shares of Progressive during the third quarter worth $592,000. Caprock Group LLC raised its stake in Progressive by 7.3% during the third quarter. Caprock Group LLC now owns 14,547 shares of the insurance provider’s stock worth $3,691,000 after buying an additional 995 shares during the last quarter. OneAscent Wealth Management LLC acquired a new position in Progressive in the third quarter valued at $435,000. Finally, Napa Wealth Management bought a new stake in Progressive during the third quarter valued at $1,128,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, insider Patrick K. Callahan sold 7,696 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $3,876,384.69. This represents a 33.63 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, 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. Over the last quarter, insiders have sold 59,209 shares of company stock valued at $14,975,979. Insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.8 %

Progressive stock opened at $254.51 on Wednesday. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $263.85. 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 firm’s 50-day simple moving average is $252.43 and its 200 day simple moving average is $230.76. The stock has a market cap of $149.09 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its 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. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Research analysts predict that The Progressive Co. will post 13.09 EPS for the current fiscal year.

Analyst Ratings Changes

A number of research analysts have recently issued reports on PGR shares. Evercore ISI boosted their price objective on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Tuesday. The Goldman Sachs Group lifted their price objective 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. Piper Sandler increased their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Finally, Bank of America lifted their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday. Five equities research 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’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive 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.