Cynosure Group LLC Raises Stock Position in The Progressive Co. (NYSE:PGR)

Cynosure Group LLC grew its holdings in The Progressive Co. (NYSE:PGR) by 153.1% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 5,132 shares of the insurance provider’s stock after purchasing an additional 3,104 shares during the quarter. Cynosure Group LLC’s holdings in Progressive were worth $1,302,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in PGR. FMR LLC raised its stake in shares of Progressive by 1.6% in the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after acquiring an additional 170,618 shares in the last quarter. Legal & General Group Plc increased its holdings in Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after purchasing an additional 92,212 shares during the period. Jennison Associates LLC raised its position in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Charles Schwab Investment Management Inc. boosted its stake in shares of Progressive by 1.0% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,836,218 shares of the insurance provider’s stock valued at $973,479,000 after buying an additional 39,675 shares during the period. Finally, American Century Companies Inc. grew its position in shares of Progressive by 3.0% during the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock worth $497,003,000 after buying an additional 69,709 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

PGR stock opened at $268.00 on Wednesday. The firm has a 50 day moving average of $253.47 and a 200-day moving average of $232.47. The company has a market cap of $157.00 billion, a price-to-earnings ratio of 19.48, a PEG ratio of 0.74 and a beta of 0.36. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $268.16.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, equities analysts expect that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on PGR shares. TD Cowen raised their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Bank of America raised their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. The Goldman Sachs Group upped their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Jefferies Financial Group raised their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Roth Mkm upped their price target on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Five equities research 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’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Insider Activity at Progressive

In related news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction dated 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 sale, 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 position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was 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 $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,209 shares of company stock valued at $14,975,979. Insiders own 0.34% of the company’s stock.

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.