Banque Cantonale Vaudoise Grows Stake in The Progressive Co. (NYSE:PGR)

Banque Cantonale Vaudoise grew its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 56.8% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 32,883 shares of the insurance provider's stock after purchasing an additional 11,913 shares during the quarter. Banque Cantonale Vaudoise's holdings in Progressive were worth $8,344,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Davis Capital Management purchased a new stake in Progressive in the third quarter valued at approximately $25,000. WR Wealth Planners LLC boosted its stake in 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 purchasing an additional 67 shares during the period. Hilltop National Bank grew its position 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 purchasing an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. increased its stake in 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 purchasing an additional 73 shares during the period. Finally, LRI Investments LLC acquired a new stake in shares of Progressive during the first quarter worth about $36,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

PGR has been the subject of several analyst reports. Hsbc Global Res raised Progressive from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 12th. Barclays lifted their price objective on shares of Progressive from $267.00 to $277.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 23rd. Wells Fargo & Company lifted their target price on shares of Progressive from $281.00 to $282.00 and gave the company an "overweight" rating in a report on Tuesday, September 10th. Piper Sandler boosted their target price on Progressive from $250.00 to $252.00 and gave the stock an "overweight" rating in a research report on Thursday, August 15th. Finally, HSBC raised Progressive from a "hold" rating to a "buy" rating and set a $253.00 price target for the company in a report on Monday, August 12th. 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 data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $269.81.

Insiders Place Their Bets

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business's stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of the stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the transaction, the insider now directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. This represents a 33.63 % 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 in the last quarter. 0.34% of the stock is currently owned by company insiders.

Progressive Price Performance

Shares of NYSE:PGR traded down $2.01 on Tuesday, hitting $254.51. The company had a trading volume of 1,735,939 shares, compared to its average volume of 2,457,139. 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 company has a market cap of $149.09 billion, a PE ratio of 18.49, a PEG ratio of 0.71 and a beta of 0.36. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85. The business has a 50 day moving average of $252.32 and a 200 day moving average of $230.44.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results 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. The company 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, equities analysts anticipate that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

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.