AlphaCore Capital LLC Boosts Position in The Progressive Co. (NYSE:PGR)

AlphaCore Capital LLC increased its position in The Progressive Co. (NYSE:PGR) by 59.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,841 shares of the insurance provider’s stock after buying an additional 1,058 shares during the period. AlphaCore Capital LLC’s holdings in Progressive were worth $721,000 as of its most recent SEC filing.

Several other large investors have also recently added to or reduced their stakes in the business. Davis Capital Management acquired a new stake in Progressive during the third quarter worth about $25,000. WR Wealth Planners LLC lifted its position in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. increased its position 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 worth $35,000 after acquiring an additional 73 shares in the last quarter. Hilltop National Bank lifted its holdings in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in Progressive during the 1st quarter worth $36,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated 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 completion of 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 8.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the transaction, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. This represents a 33.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,209 shares of company stock worth $14,975,979. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of recent research reports. Keefe, Bruyette & Woods boosted their price objective on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. HSBC raised shares of 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. TD Cowen upped their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Evercore ISI increased their target price on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Finally, StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive Stock Up 2.3 %

Shares of PGR stock opened at $262.90 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market cap of $154.01 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. The business’s fifty day moving average is $252.85 and its 200-day moving average is $231.17. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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 company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Equities analysts expect that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

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.