The Progressive Co. (NYSE:PGR) Position Increased by Metis Global Partners LLC

Metis Global Partners LLC lifted its holdings in The Progressive Co. (NYSE:PGR) by 2.0% during the third quarter, according to the company in its most recent filing with the SEC. The fund owned 29,386 shares of the insurance provider’s stock after buying an additional 590 shares during the quarter. Metis Global Partners LLC’s holdings in Progressive were worth $7,457,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Davis Capital Management bought a new position in Progressive during the 3rd quarter worth $25,000. WR Wealth Planners LLC lifted its position in 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 purchasing an additional 67 shares during the last quarter. Hilltop National Bank boosted its stake 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 purchasing an additional 92 shares during the period. DiNuzzo Private Wealth Inc. grew its position 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 last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Progressive in the first quarter valued at approximately $36,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PGR has been the topic of several analyst reports. Jefferies Financial Group raised their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Keefe, Bruyette & Woods raised their price target on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. TD Cowen upped their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Piper Sandler upped their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $269.56.

Insider Activity

In related news, insider Steven Broz sold 6,122 shares of the stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction that occurred on 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 approximately $119,475,967. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 65,331 shares of company stock worth $16,415,812. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

Shares of PGR opened at $257.65 on Thursday. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The company has a 50-day moving average of $251.92 and a two-hundred day moving average of $229.29. 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 stock has a market cap of $150.93 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings data 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 net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. On average, equities research analysts expect that The Progressive Co. will post 13.15 earnings per share for the current year.

About Progressive

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.