Raymond James Trust N.A. Buys 1,777 Shares of The Progressive Co. (NYSE:PGR)

Raymond James Trust N.A. raised its stake in The Progressive Co. (NYSE:PGR) by 5.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 33,033 shares of the insurance provider’s stock after purchasing an additional 1,777 shares during the quarter. Raymond James Trust N.A.’s holdings in Progressive were worth $8,382,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently modified their holdings of the company. Davis Capital Management purchased a new position in Progressive during the third quarter worth about $25,000. WR Wealth Planners LLC lifted its position in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares in the last quarter. Hilltop National Bank boosted its stake in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. grew its holdings 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 valued at $35,000 after acquiring an additional 73 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Progressive during the first quarter valued at approximately $36,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Progressive stock opened at $262.90 on Friday. 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 $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 firm’s 50 day simple moving average is $252.85 and its 200 day simple moving average is $231.17.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, analysts expect that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

Analyst Ratings Changes

PGR has been the subject of a number of recent analyst reports. Jefferies Financial Group upped their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Wells Fargo & Company increased their price target 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. BMO Capital Markets lowered their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. 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 research report on Friday, October 18th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Progressive currently has an average rating of “Moderate Buy” and a consensus target price of $269.81.

Insider Buying and Selling at Progressive

In other 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 value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 8.39 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction 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 sale, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. 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 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

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.