Darwin Wealth Management LLC Invests $163,000 in The Progressive Co. (NYSE:PGR)

Darwin Wealth Management LLC purchased a new stake in shares of The Progressive Co. (NYSE:PGR) in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 643 shares of the insurance provider’s stock, valued at approximately $163,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Diversified Trust Co increased its position in shares of Progressive by 84.3% in the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after purchasing an additional 11,770 shares during the period. Sycomore Asset Management lifted its stake in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after acquiring an additional 2,450 shares during the period. Sumitomo Life Insurance Co. acquired a new position in shares of Progressive in the second quarter worth approximately $981,000. Tidal Investments LLC lifted its stake in shares of Progressive by 22.2% in the first quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after acquiring an additional 5,691 shares during the period. Finally, Advisors Asset Management Inc. lifted its stake in Progressive by 88.7% in the first 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 during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Up 1.0 %

Shares of NYSE PGR opened at $256.99 on Thursday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The business’s 50 day moving average price is $252.58 and its 200-day moving average price is $230.94. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $263.85. The company has a market cap of $150.54 billion, a price-to-earnings ratio of 18.68, a PEG ratio of 0.71 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 return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, sell-side analysts expect that The Progressive Co. will post 13.09 earnings per share for the current year.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. The trade was a 8.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction dated 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 transaction, 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 disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock valued at $14,975,979 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on PGR shares. BMO Capital Markets lowered their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. JPMorgan Chase & Co. upped their price target on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Piper Sandler upped their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Jefferies Financial Group upped their price target on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Evercore ISI increased their price objective on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Five equities research 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 company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

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.