Moran Wealth Management LLC Increases Holdings in The Progressive Co. (NYSE:PGR)

Moran Wealth Management LLC increased its holdings in The Progressive Co. (NYSE:PGR) by 225.5% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 76,692 shares of the insurance provider’s stock after buying an additional 53,129 shares during the period. Moran Wealth Management LLC’s holdings in Progressive were worth $19,461,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently bought and sold shares of PGR. Seven Eight Capital LP acquired a new position in Progressive during the first quarter valued at $568,000. Bessemer Group Inc. grew its holdings in Progressive by 19.8% during the first quarter. Bessemer Group Inc. now owns 14,940 shares of the insurance provider’s stock worth $3,090,000 after acquiring an additional 2,467 shares during the period. Crewe Advisors LLC purchased a new position in Progressive during the first quarter valued at approximately $76,000. CreativeOne Wealth LLC purchased a new stake in Progressive in the 1st quarter worth approximately $220,000. Finally, Wellington Wealth Strategies LLC. acquired a new stake in shares of Progressive during the 1st quarter worth approximately $297,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 0.3 %

Progressive stock traded up $0.84 during mid-day trading on Wednesday, hitting $255.35. The company’s stock had a trading volume of 141,930 shares, compared to its average volume of 2,446,985. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. 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 firm has a market capitalization of $149.59 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. The stock’s fifty day moving average is $252.43 and its two-hundred day moving average is $230.76.

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

Wall Street Analyst Weigh In

Several analysts recently commented on PGR shares. Bank of America raised their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday. Evercore ISI raised their price objective on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research report on Monday, August 12th. Finally, StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Insider Activity at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, 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 value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock valued at $14,975,979 over the last 90 days. 0.34% of the stock is owned by corporate 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.