The Progressive Co. (NYSE:PGR) Shares Acquired by Benjamin Edwards Inc.

Benjamin Edwards Inc. raised its stake in The Progressive Co. (NYSE:PGR) by 340.5% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 37,685 shares of the insurance provider’s stock after acquiring an additional 29,129 shares during the quarter. Benjamin Edwards Inc.’s holdings in Progressive were worth $9,564,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in PGR. Davis Capital Management bought a new position in shares of Progressive during the third quarter valued at approximately $25,000. WR Wealth Planners LLC grew its holdings in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares in the last quarter. Hilltop National Bank grew its holdings in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. boosted its stake in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares in the last quarter. Finally, Kimelman & Baird LLC bought a new position in Progressive during the 2nd quarter valued at $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 1.8 %

Shares of PGR opened at $263.97 on Tuesday. The stock has a market cap of $154.64 billion, a price-to-earnings ratio of 19.18, a P/E/G ratio of 0.74 and a beta of 0.38. The company has a quick ratio of 0.30, a current 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 $270.62. The company has a 50-day moving average price of $254.08 and a two-hundred day moving average price of $233.65.

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

Insider Activity at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 13.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the sale, the insider now directly owns 15,189 shares in the company, valued at $3,876,384.69. This represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 15,839 shares of company stock valued at $4,038,065 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently commented on the company. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research report on Monday, August 12th. Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Keefe, Bruyette & Woods increased their price objective on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Barclays increased their target price on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Finally, Evercore ISI increased their target price on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Five research 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 company’s stock. According to data from MarketBeat.com, the stock presently has an average 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.