The Progressive Co. (NYSE:PGR) Holdings Lowered by Accretive Wealth Partners LLC

Accretive Wealth Partners LLC lowered its stake in The Progressive Co. (NYSE:PGR) by 4.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,944 shares of the insurance provider’s stock after selling 552 shares during the quarter. Progressive makes up 1.3% of Accretive Wealth Partners LLC’s investment portfolio, making the stock its 14th largest holding. Accretive Wealth Partners LLC’s holdings in Progressive were worth $3,031,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Diversified Trust Co boosted its position in shares of Progressive by 84.3% in the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after buying an additional 11,770 shares during the period. Sycomore Asset Management lifted its position in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after purchasing an additional 2,450 shares in the last quarter. Sumitomo Life Insurance Co. acquired a new stake in shares of Progressive during the second quarter worth approximately $981,000. Tidal Investments LLC increased its stake in Progressive by 22.2% in the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock valued at $6,480,000 after buying an additional 5,691 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in Progressive by 88.7% in the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock worth $1,577,000 after buying an additional 3,585 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 2.3 %

Shares of PGR opened at $262.90 on Friday. The stock’s 50-day moving average price is $252.85 and its 200 day moving average price is $231.17. 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 firm has a market capitalization of $154.01 billion, a price-to-earnings ratio of 19.11, a P/E/G ratio of 0.71 and a beta of 0.36. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $263.85.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. As a group, research analysts predict that The Progressive Co. will post 13.09 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PGR. Jefferies Financial Group upped their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Bank of America upped their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday. Piper Sandler boosted their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Keefe, Bruyette & Woods increased their price objective on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, Roth Mkm lifted their target price on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction 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 $119,475,967. This trade represents a 8.39 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the transaction, the insider now directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. This represents a 33.63 % decrease in their position. 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 ninety days. Insiders own 0.34% of the company’s stock.

Progressive Company 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.