The Progressive Co. (NYSE:PGR) Shares Bought by Drive Wealth Management LLC

Drive Wealth Management LLC grew its stake in The Progressive Co. (NYSE:PGR) by 2.9% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,153 shares of the insurance provider’s stock after buying an additional 61 shares during the period. Drive Wealth Management LLC’s holdings in Progressive were worth $546,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of PGR. Davis Capital Management acquired a new stake in shares of Progressive in the 3rd quarter valued at about $25,000. WR Wealth Planners LLC lifted its stake in shares of Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the period. Hilltop National Bank raised its holdings in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. lifted its holdings in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Progressive in the first quarter valued at $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on 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 owns 473,735 shares of the company’s stock, valued at $119,475,967. This trade represents a 8.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at $3,876,384.69. This trade represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 59,209 shares of company stock valued at $14,975,979. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $255.78 on Monday. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a market cap of $149.84 billion, a price-to-earnings ratio of 18.59, a PEG ratio of 0.71 and a beta of 0.36. The business’s 50 day moving average is $252.22 and its two-hundred day moving average is $230.10.

Progressive (NYSE:PGR) last posted its quarterly earnings data 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 firm had revenue of $19.43 billion for 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%. Analysts forecast that The Progressive Co. will post 13.09 EPS for the current fiscal year.

Analyst Ratings Changes

Several research firms have commented on PGR. Evercore ISI lifted their price target on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a report on Monday, August 12th. JPMorgan Chase & Co. increased their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. TD Cowen boosted their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Finally, Keefe, Bruyette & Woods upped their price objective on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Six equities research 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $269.56.

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.