Klingman & Associates LLC Purchases New Shares in The Progressive Co. (NYSE:PGR)

Klingman & Associates LLC acquired a new position in The Progressive Co. (NYSE:PGR) in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund acquired 1,420 shares of the insurance provider’s stock, valued at approximately $360,000.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Assetmark Inc. raised its position in shares of Progressive by 30.8% in the third quarter. Assetmark Inc. now owns 57,131 shares of the insurance provider’s stock valued at $14,498,000 after buying an additional 13,453 shares in the last quarter. Verdence Capital Advisors LLC lifted its position in shares of Progressive by 35.3% during the 3rd quarter. Verdence Capital Advisors LLC now owns 1,356 shares of the insurance provider’s stock valued at $344,000 after acquiring an additional 354 shares during the period. Rovin Capital UT ADV increased its position in shares of Progressive by 6.0% in the third quarter. Rovin Capital UT ADV now owns 1,560 shares of the insurance provider’s stock worth $396,000 after purchasing an additional 88 shares during the period. CWA Asset Management Group LLC acquired a new position in Progressive in the third quarter valued at about $915,000. Finally, Equitable Trust Co. bought a new stake in Progressive during the third quarter worth about $214,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the subject of a number of recent analyst reports. TD Cowen upped their price target on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. Keefe, Bruyette & Woods boosted their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Piper Sandler lifted 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, BMO Capital Markets decreased their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $269.56.

Progressive Trading Up 2.4 %

NYSE:PGR opened at $261.51 on Friday. The firm has a fifty day simple moving average of $251.41 and a two-hundred day simple moving average of $228.12. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.39. The stock has a market capitalization of $153.20 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 0.72 and a beta of 0.36. The company has a current ratio of 0.30, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 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 analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Analysts expect that The Progressive Co. will post 13.14 EPS for the current fiscal year.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In related news, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at $7,600,400.04. This trade 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 available at this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’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 completion of 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 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock valued at $18,674,912 over the last ninety days. 0.34% of the stock is owned by company insiders.

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.