Napa Wealth Management Makes New Investment in The Progressive Co. (NYSE:PGR)

Napa Wealth Management bought a new position in shares of The Progressive Co. (NYSE:PGR) during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 4,444 shares of the insurance provider’s stock, valued at approximately $1,128,000.

Several other institutional investors and hedge funds have also made changes to their positions in the company. Davis Capital Management acquired a new position in Progressive during the third quarter worth approximately $25,000. WR Wealth Planners LLC grew its position in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the last quarter. Hilltop National Bank grew its position in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. increased its stake in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the period. Finally, LRI Investments LLC acquired a new stake in shares of Progressive during the first quarter worth about $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Jefferies Financial Group boosted their price target on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a report on Monday, August 12th. Bank of America boosted their price objective on shares of Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. 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. Finally, Evercore ISI lifted their price objective on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Six research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

Progressive Price Performance

NYSE:PGR opened at $255.78 on Monday. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $263.85. The firm has a market cap of $149.84 billion, a price-to-earnings ratio of 18.59, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. The company’s 50-day moving average is $252.22 and its two-hundred day moving average is $230.10. 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 announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) 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 business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Research analysts expect that The Progressive Co. will post 13.09 EPS for the current year.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 8.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction that occurred on 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 directly owns 15,189 shares in the company, valued at $3,876,384.69. This represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock valued at $14,975,979 in the last quarter. 0.34% of the stock is currently owned by company 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.