The Progressive Co. (NYSE:PGR) Shares Bought by Prospector Partners LLC

Prospector Partners LLC grew its position in shares of The Progressive Co. (NYSE:PGR) by 0.4% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 115,404 shares of the insurance provider’s stock after purchasing an additional 509 shares during the quarter. Progressive makes up about 3.1% of Prospector Partners LLC’s portfolio, making the stock its 3rd biggest holding. Prospector Partners LLC’s holdings in Progressive were worth $29,285,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. D.A. Davidson & CO. lifted its holdings in Progressive by 2.2% during the third quarter. D.A. Davidson & CO. now owns 17,592 shares of the insurance provider’s stock valued at $4,464,000 after purchasing an additional 383 shares in the last quarter. FMR LLC lifted its stake in Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after buying an additional 170,618 shares in the last quarter. Qsemble Capital Management LP lifted its stake in Progressive by 22.1% in the 3rd quarter. Qsemble Capital Management LP now owns 18,696 shares of the insurance provider’s stock valued at $4,744,000 after buying an additional 3,386 shares in the last quarter. Bank of Montreal Can boosted its holdings in Progressive by 13.9% in the 3rd quarter. Bank of Montreal Can now owns 1,019,970 shares of the insurance provider’s stock worth $256,114,000 after buying an additional 124,349 shares during the last quarter. Finally, Associated Banc Corp purchased a new stake in shares of Progressive during the third quarter worth approximately $223,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. The trade was a 9.23 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction 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 completion of the transaction, the chief executive officer now 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 worth $14,975,979. 0.34% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PGR has been the subject of several research reports. Barclays upped their price objective on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a report on Monday, August 12th. Piper Sandler raised their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. BMO Capital Markets reduced their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, Keefe, Bruyette & Woods upped their target price on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $269.81.

Progressive Stock Performance

Shares of PGR stock opened at $265.89 on Tuesday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $266.89. The company has a market cap of $155.76 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The stock has a 50 day simple moving average of $253.25 and a 200-day simple moving average of $232.11.

Progressive (NYSE:PGR) last announced its quarterly earnings results 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. The business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, equities analysts forecast that The Progressive Co. will post 13.17 EPS for the current year.

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.