Westfield Capital Management Co. LP Has $210.22 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Westfield Capital Management Co. LP reduced its holdings in The Progressive Co. (NYSE:PGR) by 9.4% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 828,436 shares of the insurance provider’s stock after selling 86,039 shares during the quarter. Progressive makes up about 1.0% of Westfield Capital Management Co. LP’s portfolio, making the stock its 17th largest holding. Westfield Capital Management Co. LP’s holdings in Progressive were worth $210,224,000 at the end of the most recent quarter.

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

Insider Activity at Progressive

In other news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. This represents a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. TD Cowen upped their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Wells Fargo & Company increased their price target on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Piper Sandler upped their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Finally, Keefe, Bruyette & Woods raised their target price on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

Progressive Trading Up 1.0 %

PGR opened at $266.06 on Friday. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $266.18. The firm has a market capitalization of $155.86 billion, a PE ratio of 19.34, a P/E/G ratio of 0.73 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The company’s 50-day moving average is $253.06 and its 200 day moving average is $231.63.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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 firm had revenue of $19.43 billion during 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%. As a group, research analysts predict that The Progressive Co. will post 13.12 earnings per share for the current fiscal year.

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.