Savvy Advisors Inc. Buys New Stake in The Progressive Co. (NYSE:PGR)

Savvy Advisors Inc. bought a new position in The Progressive Co. (NYSE:PGR - Free Report) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 2,337 shares of the insurance provider's stock, valued at approximately $593,000.

Other hedge funds have also added to or reduced their stakes in the company. Diversified Trust Co increased its holdings in shares of Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider's stock worth $6,531,000 after buying an additional 11,770 shares during the last quarter. Councilmark Asset Management LLC bought a new position in shares of Progressive in the 1st quarter worth about $1,890,000. Sycomore Asset Management lifted its position in Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider's stock worth $5,856,000 after purchasing an additional 2,450 shares during the period. Sumitomo Life Insurance Co. purchased a new stake in shares of Progressive during the 2nd quarter worth about $981,000. Finally, Tidal Investments LLC increased its position in Progressive by 22.2% during the first quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider's stock worth $6,480,000 after acquiring an additional 5,691 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on PGR shares. Roth Mkm raised their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. Barclays lifted their price objective on Progressive from $267.00 to $277.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 23rd. Bank of America upped their price objective on shares of Progressive from $319.00 to $331.00 and gave the company a "buy" rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $242.00 to $251.00 and gave the company an "overweight" rating in a report on Thursday, October 10th. Finally, Jefferies Financial Group raised their price target on Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $269.56.

Progressive Trading Down 0.4 %

PGR stock traded down $0.97 during trading on Wednesday, hitting $261.37. The company had a trading volume of 1,422,343 shares, compared to its average volume of 2,462,996. 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 market capitalization of $153.11 billion, a P/E ratio of 18.99, a PEG ratio of 0.73 and a beta of 0.36. The company has a 50 day simple moving average of $251.77 and a 200-day simple moving average of $229.06. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, research analysts forecast that The Progressive Co. will post 13.15 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value 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 trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, insider John Jo Murphy sold 9,512 shares of the business's stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the transaction, the insider now directly owns 45,787 shares in the company, valued at $10,874,412.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed 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 shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock valued at $18,674,912 over the last quarter. Corporate insiders own 0.34% of the company's stock.

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.