The Progressive Co. (NYSE:PGR) Shares Purchased by Sycomore Asset Management

Sycomore Asset Management grew its holdings in The Progressive Co. (NYSE:PGR) by 28.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 36,258 shares of the insurance provider’s stock after acquiring an additional 8,130 shares during the period. Progressive comprises approximately 1.3% of Sycomore Asset Management’s portfolio, making the stock its 24th largest position. Sycomore Asset Management’s holdings in Progressive were worth $9,151,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter valued at approximately $25,000. WR Wealth Planners LLC grew its holdings in Progressive by 119.6% during 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 in the last quarter. Hilltop National Bank grew its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. grew its holdings in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Progressive in the 1st quarter worth about $36,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of Progressive stock traded down $5.45 on Thursday, reaching $255.92. The stock had a trading volume of 465,598 shares, compared to its average volume of 2,453,958. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $263.85. The business’s 50-day moving average price is $251.92 and its two-hundred day moving average price is $229.29. The stock has a market cap of $149.92 billion, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The firm 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%. On average, sell-side analysts forecast that The Progressive Co. will post 13.15 EPS for the current year.

Insider Buying and Selling at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The stock was 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 in the company, 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 have sold 65,331 shares of company stock valued at $16,415,812 in the last 90 days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently weighed in on PGR shares. The Goldman Sachs Group lifted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Monday. JPMorgan Chase & Co. boosted their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. TD Cowen boosted their price target on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Finally, Roth Mkm boosted their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Seven equities research 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 currently has a consensus rating of “Moderate Buy” and an average target price of $269.56.

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.