NFC Investments LLC Boosts Stock Position in The Progressive Co. (NYSE:PGR)

NFC Investments LLC raised its stake in The Progressive Co. (NYSE:PGR) by 0.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 87,818 shares of the insurance provider’s stock after purchasing an additional 120 shares during the period. Progressive accounts for approximately 6.4% of NFC Investments LLC’s investment portfolio, making the stock its 4th biggest position. NFC Investments LLC’s holdings in Progressive were worth $22,285,000 as of its most recent SEC filing.

Several other large investors also recently modified their holdings of the stock. Raleigh Capital Management Inc. increased its position in Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after buying an additional 41 shares during the period. Castleview Partners LLC increased its position in Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after acquiring an additional 45 shares during the period. Washington Trust Bank raised its stake in Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after purchasing an additional 45 shares in the last quarter. Sunbelt Securities Inc. grew its position in shares of Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after purchasing an additional 48 shares during the period. 85.34% of the stock is owned by institutional investors.

Insider Activity

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the transaction, the insider now owns 15,189 shares of the company’s stock, valued at $3,876,384.69. The trade was a 33.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. This trade represents a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 15,839 shares of company stock valued at $4,038,065 in the last three months. Company insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.1 %

Progressive stock traded down $0.20 during mid-day trading on Tuesday, reaching $263.84. The stock had a trading volume of 352,378 shares, compared to its average volume of 2,454,383. The firm has a market capitalization of $154.56 billion, a PE ratio of 19.18, a price-to-earnings-growth ratio of 0.74 and a beta of 0.38. The stock’s 50-day simple moving average is $254.08 and its 200-day simple moving average is $233.65. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The company 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%. On average, sell-side analysts forecast that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PGR has been the subject of several recent research reports. Jefferies Financial Group boosted their price target on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Piper Sandler raised their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Keefe, Bruyette & Woods increased their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. 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. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

About Progressive

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.