Plato Investment Management Ltd Buys 1,486 Shares of The Progressive Co. (NYSE:PGR)

Plato Investment Management Ltd increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 6.2% in the third quarter, according to its most recent filing with the SEC. The fund owned 25,394 shares of the insurance provider’s stock after acquiring an additional 1,486 shares during the period. Plato Investment Management Ltd’s holdings in Progressive were worth $6,437,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Avantax Advisory Services Inc. lifted its holdings in Progressive by 3.1% during the first quarter. Avantax Advisory Services Inc. now owns 13,090 shares of the insurance provider’s stock worth $2,707,000 after buying an additional 389 shares during the period. HBK Sorce Advisory LLC lifted its stake in shares of Progressive by 6.6% during the 1st quarter. HBK Sorce Advisory LLC now owns 4,195 shares of the insurance provider’s stock worth $868,000 after purchasing an additional 259 shares during the last quarter. Lord Abbett & CO. LLC boosted its position in Progressive by 73.5% during the first quarter. Lord Abbett & CO. LLC now owns 234,196 shares of the insurance provider’s stock valued at $48,436,000 after purchasing an additional 99,196 shares in the last quarter. Leo Wealth LLC bought a new stake in Progressive during the first quarter valued at about $277,000. Finally, Dorsey & Whitney Trust CO LLC grew its stake in Progressive by 1.2% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,640 shares of the insurance provider’s stock valued at $960,000 after purchasing an additional 56 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Shares of NYSE:PGR opened at $261.37 on Thursday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $263.85. The company’s 50 day moving average is $251.77 and its 200 day moving average is $229.06. The company has a market cap of $153.11 billion, a PE ratio of 18.99, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate 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 analysts’ expectations of $18.95 billion. On average, sell-side analysts forecast that The Progressive Co. will post 13.15 EPS for the current year.

Wall Street Analyst Weigh In

Several analysts have commented on PGR shares. Roth Mkm increased their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Piper Sandler raised their target price on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Citigroup cut their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. JPMorgan Chase & Co. increased their price objective on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Jefferies Financial Group raised their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $269.56.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 completion of the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,331 shares of company stock valued at $16,415,812 in the last quarter. 0.34% of the stock is currently owned by company insiders.

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.