Montecito Bank & Trust Buys New Shares in The Progressive Co. (NYSE:PGR)

Montecito Bank & Trust bought a new stake 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. The fund bought 819 shares of the insurance provider’s stock, valued at approximately $208,000.

A number of other institutional investors also recently modified their holdings of the stock. Advisor Resource Council acquired a new position in shares of Progressive during the 3rd quarter valued at $242,000. Graypoint LLC lifted its position in shares of Progressive by 12.6% during the 3rd quarter. Graypoint LLC now owns 4,732 shares of the insurance provider’s stock valued at $1,201,000 after acquiring an additional 530 shares during the period. D.B. Root & Company LLC lifted its position in shares of Progressive by 4.4% during the 3rd quarter. D.B. Root & Company LLC now owns 1,292 shares of the insurance provider’s stock valued at $328,000 after acquiring an additional 55 shares during the period. M&G PLC lifted its position in shares of Progressive by 17.6% during the 3rd quarter. M&G PLC now owns 107,381 shares of the insurance provider’s stock valued at $27,275,000 after acquiring an additional 16,095 shares during the period. Finally, Concurrent Investment Advisors LLC increased its stake in Progressive by 11.3% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 5,525 shares of the insurance provider’s stock valued at $1,402,000 after purchasing an additional 562 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $255.27 on Friday. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $260.46. The company has a 50-day simple moving average of $251.12 and a 200 day simple moving average of $227.59. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.31 and a current ratio of 0.31. The company has a market capitalization of $149.50 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 0.67 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 35.21% and a net margin of 11.27%. The business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, research analysts predict that The Progressive Co. will post 13.15 EPS for the current year.

Insider Activity at Progressive

In related news, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now owns 32,316 shares in the company, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the sale, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the sale, the insider now directly owns 32,316 shares in the company, valued at $7,600,400.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 74,843 shares of company stock worth $18,674,912. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of analysts have commented on PGR shares. Roth Mkm boosted 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. Evercore ISI boosted their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research note on Monday, August 12th. Barclays boosted their price target 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. Finally, The Goldman Sachs Group boosted their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $265.63.

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.