Public Sector Pension Investment Board Buys 2,710 Shares of The Progressive Co. (NYSE:PGR)

Public Sector Pension Investment Board lifted its stake in The Progressive Co. (NYSE:PGR - Free Report) by 2.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 102,001 shares of the insurance provider's stock after acquiring an additional 2,710 shares during the quarter. Public Sector Pension Investment Board's holdings in Progressive were worth $25,884,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Progressive by 46.1% during the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 322,396 shares of the insurance provider's stock valued at $81,811,000 after purchasing an additional 101,718 shares during the period. National Wealth Management Group LLC bought a new position in Progressive in the 3rd quarter worth $1,192,000. CreativeOne Wealth LLC bought a new position in shares of Progressive during the 3rd quarter valued at approximately $230,000. BNP Paribas purchased a new stake in shares of Progressive in the third quarter worth $3,515,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Progressive by 102.3% in the third quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,024,992 shares of the insurance provider's stock worth $260,102,000 after buying an additional 518,262 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the stock. 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 research report on Wednesday, October 16th. Hsbc Global Res upgraded Progressive from a "hold" rating to a "strong-buy" rating in a report on Monday, August 12th. StockNews.com upgraded Progressive from a "hold" rating to a "buy" rating in a research note on Tuesday, November 19th. JPMorgan Chase & Co. upped their target price on Progressive from $242.00 to $251.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Finally, Piper Sandler raised their target price on shares of Progressive from $250.00 to $252.00 and gave the company an "overweight" rating in a research report on Thursday, August 15th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, Progressive presently has an average rating of "Moderate Buy" and a consensus price target of $269.81.

Insider Buying and Selling

In other news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 2,981 shares of the business's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company's stock, valued at $6,618,555.95. This represents a 10.16 % 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. Insiders own 0.34% of the company's stock.

Progressive Stock Down 0.4 %

PGR stock opened at $266.86 on Thursday. The stock has a market capitalization of $156.33 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $270.62. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a 50 day moving average of $253.65 and a 200 day moving average of $232.72.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during 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%. Sell-side analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current year.

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.

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