The Progressive Co. (NYSE:PGR) Stock Position Raised by Thrivent Financial for Lutherans

Thrivent Financial for Lutherans grew its holdings in The Progressive Co. (NYSE:PGR) by 26.2% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 139,782 shares of the insurance provider’s stock after purchasing an additional 29,050 shares during the period. Thrivent Financial for Lutherans’ holdings in Progressive were worth $35,471,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of PGR. Davis Capital Management purchased a new stake in shares of Progressive in the third quarter valued at $25,000. WR Wealth Planners LLC lifted its holdings in shares of Progressive by 119.6% in the second 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 in the last quarter. Hilltop National Bank lifted its holdings in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. lifted its holdings in shares of Progressive by 114.1% in the third 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, LRI Investments LLC purchased a new stake in shares of Progressive in the first quarter valued at $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

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 transaction, the insider now 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 legal filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction 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 transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,209 shares of company stock worth $14,975,979. Insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.3 %

Shares of PGR opened at $256.56 on Tuesday. The stock has a market cap of $150.30 billion, a price-to-earnings ratio of 18.65, a P/E/G ratio of 0.71 and a beta of 0.36. 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 $263.85. The company has a 50-day moving average price of $252.32 and a two-hundred day moving average price of $230.44.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating 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 company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Equities analysts predict that The Progressive Co. will post 13.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PGR. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a report on Monday, August 12th. Jefferies Financial Group increased their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Morgan Stanley increased their price objective on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Finally, Keefe, Bruyette & Woods increased their price objective on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Progressive has an average rating of “Moderate Buy” and a consensus target price of $269.81.

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.