Empowered Funds LLC Boosts Holdings in The Progressive Co. (NYSE:PGR)

Empowered Funds LLC grew its stake in The Progressive Co. (NYSE:PGR - Free Report) by 147.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 56,393 shares of the insurance provider's stock after purchasing an additional 33,576 shares during the period. Empowered Funds LLC's holdings in Progressive were worth $14,310,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGR. Dorsey & Whitney Trust CO LLC raised its position in Progressive by 1.2% in the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,640 shares of the insurance provider's stock valued at $960,000 after purchasing an additional 56 shares during the last quarter. Nwam LLC increased its position in Progressive by 27.2% in the 1st quarter. Nwam LLC now owns 1,628 shares of the insurance provider's stock valued at $345,000 after acquiring an additional 348 shares during the period. Motco raised its stake in shares of Progressive by 19,983.3% during the first quarter. Motco now owns 1,205 shares of the insurance provider's stock valued at $249,000 after acquiring an additional 1,199 shares during the last quarter. M&G Plc acquired a new position in shares of Progressive during the first quarter worth $17,951,000. Finally, Councilmark Asset Management LLC acquired a new stake in Progressive in the first quarter valued at $1,890,000. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of a number of analyst reports. Wells Fargo & Company upped their price target on Progressive from $281.00 to $282.00 and gave the company an "overweight" rating in a research report on Tuesday, September 10th. Hsbc Global Res upgraded shares of Progressive from a "hold" rating to a "strong-buy" rating in a report on Monday, August 12th. Keefe, Bruyette & Woods upped their price target on shares of Progressive from $280.00 to $290.00 and gave the company an "outperform" rating in a research report on Wednesday, October 16th. TD Cowen boosted their price objective on Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research note on Friday, November 8th. Finally, Barclays raised their target price on Progressive from $267.00 to $277.00 and gave the stock an "equal weight" rating in a research note on Wednesday, October 23rd. Seven investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $269.56.

Insider Activity at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction dated Friday, September 27th. The shares were 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 owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 6,122 shares of the business's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the transaction, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. The trade was a 15.93 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,331 shares of company stock valued at $16,415,812 over the last 90 days. Insiders own 0.34% of the company's stock.

Progressive Stock Down 0.7 %

Shares of Progressive stock traded down $1.72 during trading hours on Friday, reaching $255.78. The company's stock had a trading volume of 3,247,982 shares, compared to its average volume of 2,463,986. The company has a market capitalization of $149.84 billion, a P/E ratio of 18.86, a P/E/G ratio of 0.73 and a beta of 0.36. The stock's fifty day simple moving average is $252.08 and its two-hundred day simple moving average is $229.48. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The business 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%. On average, research analysts forecast that The Progressive Co. will post 13.11 earnings per share 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.