Pinnacle Financial Partners Inc Increases Stock Position in The Progressive Co. (NYSE:PGR)

Pinnacle Financial Partners Inc increased its stake in shares of The Progressive Co. (NYSE:PGR) by 8.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,474 shares of the insurance provider’s stock after purchasing an additional 426 shares during the period. Pinnacle Financial Partners Inc’s holdings in Progressive were worth $1,389,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Davis Capital Management bought a new position in shares of Progressive during the 3rd quarter valued at $25,000. WR Wealth Planners LLC increased its position in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. lifted its holdings in 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 acquiring an additional 73 shares during the period. Hilltop National Bank boosted its position in Progressive by 126.0% in 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. Finally, LRI Investments LLC bought a new stake in shares of Progressive during the 1st quarter valued at about $36,000. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,981 shares of the stock in a transaction dated Monday, October 21st. The shares were 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 of the company’s stock, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 65,331 shares of company stock worth $16,415,812. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Down 1.5 %

Progressive stock opened at $257.47 on Friday. 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 firm’s 50 day moving average price is $251.92 and its 200-day moving average price is $229.29. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. The stock has a market cap of $150.83 billion, a P/E ratio of 18.71, a PEG ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last announced 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 net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, equities analysts predict that The Progressive Co. will post 13.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on PGR. Bank of America increased their price objective on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research report on Monday, August 12th. BMO Capital Markets cut their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Roth Mkm raised their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Finally, JPMorgan Chase & Co. lifted their target price on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Seven analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average target price of $269.56.

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.