Caprock Group LLC Raises Holdings in The Progressive Co. (NYSE:PGR)

Caprock Group LLC increased its position in The Progressive Co. (NYSE:PGR) by 7.3% in the 3rd quarter, Holdings Channel reports. The firm owned 14,547 shares of the insurance provider’s stock after buying an additional 995 shares during the period. Caprock Group LLC’s holdings in Progressive were worth $3,691,000 as of its most recent filing with the SEC.

A number of other large investors have also recently made changes to their positions in the company. Diversified Trust Co grew its position in Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after purchasing an additional 11,770 shares during the last quarter. Sycomore Asset Management increased its position in Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after acquiring an additional 2,450 shares during the period. Sumitomo Life Insurance Co. acquired a new position in Progressive in the 2nd quarter valued at about $981,000. Tidal Investments LLC raised its stake in Progressive by 22.2% during the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock valued at $6,480,000 after acquiring an additional 5,691 shares during the last quarter. Finally, Advisors Asset Management Inc. grew its stake in shares of Progressive by 88.7% in the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock valued at $1,577,000 after purchasing an additional 3,585 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Progressive stock opened at $254.51 on Wednesday. The firm has a fifty day moving average of $252.43 and a 200-day moving average of $230.76. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85. 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 firm has a market capitalization of $149.09 billion, a P/E ratio of 18.50, a PEG ratio of 0.71 and a beta of 0.36.

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 during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, analysts predict that The Progressive Co. will post 13.09 EPS for the current year.

Analysts Set New Price Targets

PGR has been the topic of several recent research reports. Piper Sandler boosted their price objective 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. The Goldman Sachs Group boosted their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Wells Fargo & Company raised their price objective on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. JPMorgan Chase & Co. upped their price objective on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, Morgan Stanley increased their target price on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Five 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 data from MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 8.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction that occurred on 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 directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. The trade was a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is currently owned by company insiders.

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.