The Progressive Co. (NYSE:PGR) Shares Sold by Lewis Asset Management LLC

Lewis Asset Management LLC trimmed its stake in shares of The Progressive Co. (NYSE:PGR) by 4.9% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,932 shares of the insurance provider’s stock after selling 100 shares during the period. Lewis Asset Management LLC’s holdings in Progressive were worth $490,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also modified their holdings of the company. Csenge Advisory Group acquired a new position in shares of Progressive during the first quarter valued at approximately $270,000. Advisory Services Network LLC grew its holdings in shares of Progressive by 12.7% during the first quarter. Advisory Services Network LLC now owns 17,880 shares of the insurance provider’s stock worth $3,698,000 after buying an additional 2,016 shares in the last quarter. CFO4Life Group LLC acquired a new stake in shares of Progressive in the first quarter valued at about $211,000. Envestnet Portfolio Solutions Inc. lifted its stake in shares of Progressive by 20.3% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 31,718 shares of the insurance provider’s stock worth $6,560,000 after buying an additional 5,354 shares in the last quarter. Finally, Empowered Funds LLC boosted its position in Progressive by 7.2% during the first quarter. Empowered Funds LLC now owns 17,110 shares of the insurance provider’s stock worth $3,539,000 after acquiring an additional 1,153 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other Progressive news, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

PGR stock opened at $255.27 on Friday. The business’s 50-day moving average is $251.12 and its two-hundred day moving average is $227.59. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.31 and a quick ratio of 0.31. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $260.46. The firm has a market capitalization of $149.50 billion, a P/E ratio of 18.55, a P/E/G ratio of 0.67 and a beta of 0.36.

Progressive (NYSE:PGR) last issued 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. Progressive had a net margin of 11.27% and a return on equity of 35.21%. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Analysts anticipate that The Progressive Co. will post 13.15 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PGR has been the topic of a number of research reports. The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. BMO Capital Markets reduced their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Piper Sandler boosted their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $265.63.

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.