Nwam LLC Makes New $929,000 Investment in The Progressive Co. (NYSE:PGR)

Nwam LLC purchased a new position in shares of The Progressive Co. (NYSE:PGR) during the 3rd quarter, Holdings Channel.com reports. The fund purchased 3,662 shares of the insurance provider’s stock, valued at approximately $929,000.

A number of other hedge funds have also recently made changes to their positions in PGR. Davis Capital Management bought a new stake in Progressive in the third quarter worth $25,000. WR Wealth Planners LLC lifted its stake in shares of Progressive by 119.6% in the 2nd 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. Hilltop National Bank boosted its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. DiNuzzo Private Wealth Inc. increased its stake in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Finally, LRI Investments LLC purchased a new position in Progressive in the 1st quarter worth approximately $36,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 1.0 %

Shares of Progressive stock opened at $266.06 on Friday. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $266.18. 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 company has a 50-day moving average of $253.06 and a 200 day moving average of $231.63. The firm has a market cap of $155.86 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share 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 business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. As a group, sell-side analysts anticipate that The Progressive Co. will post 13.12 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on PGR shares. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. BMO Capital Markets cut 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. Morgan Stanley upped their price objective on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Bank of America raised their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Finally, Keefe, Bruyette & Woods increased 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. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus 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.