Independent Advisor Alliance Increases Holdings in The Progressive Co. (NYSE:PGR)

Independent Advisor Alliance raised its holdings in The Progressive Co. (NYSE:PGR) by 5.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 26,051 shares of the insurance provider’s stock after buying an additional 1,252 shares during the quarter. Independent Advisor Alliance’s holdings in Progressive were worth $6,611,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Raleigh Capital Management Inc. grew its stake in shares of Progressive by 20.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after buying an additional 41 shares in the last quarter. Castleview Partners LLC raised its position in Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after purchasing an additional 45 shares during the period. Washington Trust Bank lifted its stake in shares of Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after purchasing an additional 45 shares during the last quarter. Sunbelt Securities Inc. increased its position in shares of Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after purchasing an additional 46 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in Progressive by 11.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after buying an additional 48 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PGR. Bank of America boosted their price objective on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Evercore ISI raised their price objective on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Piper Sandler raised their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Finally, Jefferies Financial Group lifted their price objective on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction that occurred on 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 directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the sale, the insider now directly owns 15,189 shares in the company, valued at $3,876,384.69. The trade was a 33.63 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Progressive Price Performance

NYSE PGR opened at $266.06 on Monday. The stock’s fifty day moving average price is $253.06 and its 200 day moving average price is $231.74. 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 market cap of $155.86 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last released 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. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. As a group, equities research analysts forecast that The Progressive Co. will post 13.17 earnings per share for the current year.

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.