Point72 Asia Singapore Pte. Ltd. Invests $49,000 in The Progressive Co. (NYSE:PGR)

Point72 Asia Singapore Pte. Ltd. purchased a new stake in The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 193 shares of the insurance provider’s stock, valued at approximately $49,000.

A number of other large investors have also recently added to or reduced their stakes in PGR. Capital Investment Advisors LLC bought a new position in shares of Progressive during the second quarter worth about $221,000. Mechanics Bank Trust Department bought a new position in Progressive during the 2nd quarter worth approximately $237,000. RFG Advisory LLC grew its position in shares of Progressive by 39.3% in the 2nd quarter. RFG Advisory LLC now owns 3,625 shares of the insurance provider’s stock worth $753,000 after acquiring an additional 1,023 shares in the last quarter. Park National Corp OH increased its holdings in shares of Progressive by 8.3% in the 2nd quarter. Park National Corp OH now owns 1,084 shares of the insurance provider’s stock valued at $225,000 after acquiring an additional 83 shares during the last quarter. Finally, D.B. Root & Company LLC raised its position in shares of Progressive by 4.4% during the 2nd quarter. D.B. Root & Company LLC now owns 1,237 shares of the insurance provider’s stock valued at $257,000 after acquiring an additional 52 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Down 2.6 %

Progressive stock opened at $254.56 on Friday. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $270.62. 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 stock has a market capitalization of $149.12 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 0.72 and a beta of 0.38. The firm has a 50 day simple moving average of $254.64 and a 200-day simple moving average of $235.31.

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, 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 firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. As a group, equities research analysts expect that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on PGR shares. Piper Sandler boosted their target price on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. TD Cowen upped their target price on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Finally, Wells Fargo & Company raised 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. Five research 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 company’s stock. According to MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Insider Buying and Selling

In other news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the sale, the chief financial officer now directly owns 292,958 shares in the company, valued at $78,539,110.22. This trade represents a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 25,839 shares of company stock valued at $6,718,965 over the last three months. Company 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.