Cynosure Group LLC Boosts Holdings in The Progressive Co. (NYSE:PGR)

Cynosure Group LLC lifted its stake in shares of The Progressive Co. (NYSE:PGR) by 153.1% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 5,132 shares of the insurance provider’s stock after acquiring an additional 3,104 shares during the period. Cynosure Group LLC’s holdings in Progressive were worth $1,302,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Lazard Asset Management LLC increased its holdings in shares of Progressive by 138.1% during the 1st quarter. Lazard Asset Management LLC now owns 10,021 shares of the insurance provider’s stock worth $2,071,000 after buying an additional 5,813 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its stake in shares of Progressive by 7.2% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,972 shares of the insurance provider’s stock valued at $1,649,000 after purchasing an additional 537 shares in the last quarter. Tidal Investments LLC grew its holdings in shares of Progressive by 22.2% during the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after purchasing an additional 5,691 shares during the period. Comerica Bank increased its position in Progressive by 0.4% during the 1st quarter. Comerica Bank now owns 150,262 shares of the insurance provider’s stock worth $31,077,000 after purchasing an additional 533 shares in the last quarter. Finally, New Covenant Trust Company N.A. purchased a new position in Progressive in the first quarter valued at approximately $41,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research reports. Morgan Stanley boosted their price objective on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Keefe, Bruyette & Woods increased their price target on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Roth Mkm boosted their price objective on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Bank of America boosted their price target on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Stock Performance

PGR stock opened at $268.00 on Wednesday. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $268.16. The stock has a market capitalization of $157.00 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 0.74 and a beta of 0.36. 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 stock’s fifty day moving average is $253.47 and its two-hundred day moving average is $232.47.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, research analysts predict that The Progressive Co. will post 13.2 EPS for the current year.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated 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 owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction that occurred 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 completion of 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 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock valued at $14,975,979 in the last three months. 0.34% of the stock is currently owned by corporate insiders.

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.