Algert Global LLC Buys Shares of 13,754 The Progressive Co. (NYSE:PGR)

Algert Global LLC acquired a new stake in shares of The Progressive Co. (NYSE:PGR) in the 3rd quarter, according to the company in its most recent filing with the SEC. The institutional investor acquired 13,754 shares of the insurance provider’s stock, valued at approximately $3,490,000.

Several other hedge funds and other institutional investors have also recently made changes to their positions in PGR. Advisors Asset Management Inc. increased its position in Progressive by 88.7% during the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock valued at $1,577,000 after buying an additional 3,585 shares in the last quarter. Lazard Asset Management LLC increased its holdings in shares of Progressive by 138.1% during the first quarter. Lazard Asset Management LLC now owns 10,021 shares of the insurance provider’s stock valued at $2,071,000 after acquiring an additional 5,813 shares in the last quarter. B. Riley Wealth Advisors Inc. raised its position in shares of Progressive by 7.2% in the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,972 shares of the insurance provider’s stock valued at $1,649,000 after purchasing an additional 537 shares during the last quarter. Tidal Investments LLC boosted its stake in Progressive by 22.2% in the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after purchasing an additional 5,691 shares in the last quarter. Finally, SkyView Investment Advisors LLC grew its position in Progressive by 2.6% during the 1st quarter. SkyView Investment Advisors LLC now owns 7,096 shares of the insurance provider’s stock worth $1,468,000 after purchasing an additional 182 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.1 %

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

Progressive (NYSE:PGR) last announced 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 analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Sell-side analysts expect that The Progressive Co. will post 13.17 earnings per share for the current fiscal year.

Insider Activity at Progressive

In related news, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction 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 approximately $3,876,384.69. This represents a 33.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on PGR shares. Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. The Goldman Sachs Group increased their price objective on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Evercore ISI lifted their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Jefferies Financial Group increased their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Wells Fargo & Company upped their price objective on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $269.81.

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.