Independent Advisor Alliance Acquires 1,252 Shares of The Progressive Co. (NYSE:PGR)

Independent Advisor Alliance raised its holdings in The Progressive Co. (NYSE:PGR) by 5.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 26,051 shares of the insurance provider’s stock after buying an additional 1,252 shares during the period. Independent Advisor Alliance’s holdings in Progressive were worth $6,611,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in PGR. Jennison Associates LLC boosted its stake in Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares during the last quarter. International Assets Investment Management LLC raised its position in Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after buying an additional 594,330 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after acquiring an additional 590,235 shares during the last quarter. Swedbank AB purchased a new stake in shares of Progressive in the first quarter valued at about $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ grew its position in Progressive by 457.2% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock worth $135,366,000 after purchasing an additional 534,754 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on PGR shares. Piper Sandler upped their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. TD Cowen boosted their target price on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Bank of America lifted their price objective on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. BMO Capital Markets cut their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Finally, Roth Mkm upped their price target 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 assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average price target of $269.81.

Progressive Stock Performance

Progressive stock opened at $266.06 on Monday. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $266.18. The firm’s fifty day moving average price is $253.06 and its 200-day moving average price is $231.74. The stock has a market cap of $155.86 billion, a P/E ratio of 19.34, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (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 analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities research analysts expect that The Progressive Co. will post 13.17 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 8.39 % 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, insider Steven Broz sold 2,982 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now 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 disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 over the last ninety days. Insiders own 0.34% of the company’s stock.

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.