National Wealth Management Group LLC Buys New Stake in The Progressive Co. (NYSE:PGR)

National Wealth Management Group LLC bought a new stake in shares of The Progressive Co. (NYSE:PGR) in the third quarter, Holdings Channel reports. The fund bought 4,699 shares of the insurance provider’s stock, valued at approximately $1,192,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. B. Riley Wealth Advisors Inc. lifted its position in Progressive by 7.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 7,972 shares of the insurance provider’s stock valued at $1,649,000 after purchasing an additional 537 shares during the period. New Covenant Trust Company N.A. purchased a new position in Progressive in the first quarter valued at $41,000. Virtu Financial LLC purchased a new position in Progressive in the first quarter valued at $258,000. LRI Investments LLC purchased a new position in Progressive in the first quarter valued at $36,000. Finally, Sanibel Captiva Trust Company Inc. increased its holdings in Progressive by 532.6% in the first quarter. Sanibel Captiva Trust Company Inc. now owns 8,799 shares of the insurance provider’s stock valued at $1,820,000 after buying an additional 7,408 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Down 0.4 %

Shares of NYSE PGR opened at $266.86 on Thursday. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $270.62. The stock has a market cap of $156.33 billion, a PE ratio of 19.39, a P/E/G 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 company has a 50-day moving average of $253.65 and a 200 day moving average of $232.72.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. As a group, sell-side analysts predict that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Insider Activity at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. The trade was a 13.71 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,209 shares of company stock valued at $14,975,979. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PGR. Evercore ISI lifted their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Piper Sandler lifted their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Barclays lifted their price objective on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Wells Fargo & Company lifted their price objective on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, Roth Mkm boosted their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average 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.