The Progressive Co. (NYSE:PGR) Shares Acquired by Drive Wealth Management LLC

Drive Wealth Management LLC boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 2.9% in the third quarter, HoldingsChannel reports. The firm owned 2,153 shares of the insurance provider’s stock after purchasing an additional 61 shares during the quarter. Drive Wealth Management LLC’s holdings in Progressive were worth $546,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Raleigh Capital Management Inc. lifted its position in Progressive by 20.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after purchasing an additional 41 shares during the last quarter. Castleview Partners LLC increased its stake in shares of Progressive by 2.7% in the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after purchasing an additional 45 shares during the period. Washington Trust Bank raised its holdings in shares of Progressive by 4.6% during the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after buying an additional 45 shares during the last quarter. Sunbelt Securities Inc. boosted its position in shares of Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after buying an additional 46 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after buying an additional 48 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In related news, insider Steven Broz sold 2,982 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. This trade represents a 9.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares in the company, valued at $3,462,038.44. This trade represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Down 0.7 %

Shares of PGR opened at $255.78 on Monday. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $263.85. The business’s 50-day moving average price is $252.22 and its 200 day moving average price is $230.10. The stock has a market capitalization of $149.84 billion, a P/E ratio of 18.59, a P/E/G ratio of 0.71 and a beta of 0.36. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Analysts expect that The Progressive Co. will post 13.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

PGR has been the topic of several recent analyst reports. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research note on Monday, August 12th. Morgan Stanley upped their price objective on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Jefferies Financial Group raised their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, The Goldman Sachs Group raised 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. Six research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $269.56.

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.