Eagle Asset Management Inc. Has $10.23 Million Holdings in The Progressive Co. (NYSE:PGR)

Eagle Asset Management Inc. grew its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 92.8% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 39,098 shares of the insurance provider's stock after purchasing an additional 18,820 shares during the period. Eagle Asset Management Inc.'s holdings in Progressive were worth $10,225,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also modified their holdings of the company. Davis Capital Management purchased a new position in Progressive in the 3rd quarter valued at approximately $25,000. WR Wealth Planners LLC increased its holdings 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 raised its position in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. boosted its stake in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock valued at $35,000 after buying an additional 73 shares during the period. Finally, LRI Investments LLC acquired a new position in shares of Progressive during the first quarter worth about $36,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PGR. Bank of America raised their price target on Progressive from $331.00 to $335.00 and gave the company a "buy" rating in a research note on Monday, November 18th. JPMorgan Chase & Co. upped their price target on Progressive from $242.00 to $251.00 and gave the company an "overweight" rating in a report on Thursday, October 10th. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $280.00 to $290.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. The Goldman Sachs Group increased their target price on shares of Progressive from $262.00 to $280.00 and gave the company a "buy" rating in a research report on Wednesday, September 18th. Finally, TD Cowen boosted their price target 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. Five equities 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 company's stock. According to data from MarketBeat, 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, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the company's stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction 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 $3,462,038.44. The trade was a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock worth $14,975,979 in the last 90 days. Corporate insiders own 0.34% of the company's stock.

Progressive Stock Performance

Shares of NYSE PGR traded up $2.62 during midday trading on Friday, hitting $266.06. 2,321,352 shares of the company's stock were exchanged, compared to its average volume of 2,161,226. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $266.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market cap of $155.86 billion, a P/E ratio of 19.34, a PEG ratio of 0.73 and a beta of 0.36. The stock's 50 day moving average price is $253.06 and its 200-day moving average price is $231.63.

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. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to analysts' expectations of $18.95 billion. Equities research analysts anticipate that The Progressive Co. will post 13.12 EPS for the current 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.