NFC Investments LLC Has $22.29 Million Stock Position in The Progressive Co. (NYSE:PGR)

NFC Investments LLC increased its holdings in The Progressive Co. (NYSE:PGR) by 0.1% during the third quarter, Holdings Channel.com reports. The firm owned 87,818 shares of the insurance provider’s stock after acquiring an additional 120 shares during the quarter. Progressive accounts for 6.4% of NFC Investments LLC’s investment portfolio, making the stock its 4th largest holding. NFC Investments LLC’s holdings in Progressive were worth $22,285,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in PGR. Jennison Associates LLC boosted its holdings in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares during the period. Caisse DE Depot ET Placement DU Quebec lifted its holdings in Progressive by 75.3% in the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after buying an additional 641,943 shares during the period. International Assets Investment Management LLC grew its position in shares of Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after buying an additional 594,330 shares during the last quarter. SG Americas Securities LLC increased its stake in shares of Progressive by 206.8% during the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after buying an additional 590,235 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ raised its holdings in shares of Progressive by 457.2% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after acquiring an additional 534,754 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Analyst Ratings Changes

PGR has been the topic of several recent analyst reports. BMO Capital Markets cut their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Barclays lifted their target price on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Wells Fargo & Company boosted their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Evercore ISI increased their target price on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive Price Performance

PGR stock traded down $0.20 during midday trading on Tuesday, hitting $263.84. The company’s stock had a trading volume of 352,378 shares, compared to its average volume of 2,454,383. The firm has a market capitalization of $154.56 billion, a price-to-earnings ratio of 19.18, a price-to-earnings-growth ratio of 0.74 and a beta of 0.38. 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 12 month low of $149.14 and a 12 month high of $270.62. The company has a 50 day moving average of $254.08 and a two-hundred day moving average of $233.65.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The company 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%. On average, analysts expect that The Progressive Co. will post 13.2 EPS for the current year.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of the stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares in the company, valued at $7,626,840. This trade represents a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the sale, the insider now owns 15,189 shares in the company, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 15,839 shares of company stock valued at $4,038,065. 0.34% of the stock is 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.