Hardy Reed LLC Has $3.49 Million Stock Position in The Progressive Co. (NYSE:PGR)

Hardy Reed LLC lessened its holdings in shares of The Progressive Co. (NYSE:PGR) by 0.8% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,747 shares of the insurance provider’s stock after selling 115 shares during the quarter. Hardy Reed LLC’s holdings in Progressive were worth $3,488,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Townsquare Capital LLC lifted its stake in Progressive by 90.9% in the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after buying an additional 3,720 shares in the last quarter. Baldwin Investment Management LLC bought a new stake in Progressive in the 3rd quarter valued at $225,000. Avestar Capital LLC increased its holdings in Progressive by 7.4% during the 3rd quarter. Avestar Capital LLC now owns 3,070 shares of the insurance provider’s stock worth $779,000 after purchasing an additional 211 shares in the last quarter. Brooklyn Investment Group raised its stake in shares of Progressive by 12.0% in the 3rd quarter. Brooklyn Investment Group now owns 3,329 shares of the insurance provider’s stock valued at $845,000 after purchasing an additional 358 shares during the period. Finally, Prospector Partners LLC lifted its holdings in shares of Progressive by 0.4% in the third quarter. Prospector Partners LLC now owns 115,404 shares of the insurance provider’s stock valued at $29,285,000 after purchasing an additional 509 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on PGR. The Goldman Sachs Group lifted their target price on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research report on Monday, August 12th. BMO Capital Markets lowered their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Bank of America increased their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Finally, Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Five 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Trading Up 0.8 %

PGR stock opened at $268.00 on Wednesday. The Progressive Co. has a one year low of $149.14 and a one year high of $268.16. The stock has a market cap of $157.00 billion, a price-to-earnings ratio of 19.48, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The company has a fifty day moving average price of $253.47 and a two-hundred day moving average price of $232.47. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities analysts anticipate that The Progressive Co. will post 13.2 EPS for the current year.

Insider Activity

In other news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the sale, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. The trade was a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the 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 sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is owned by insiders.

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.