Mizuho Securities USA LLC grew its position in The Progressive Co. (NYSE:PGR - Free Report) by 33.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 60,040 shares of the insurance provider's stock after acquiring an additional 14,885 shares during the quarter. Mizuho Securities USA LLC's holdings in Progressive were worth $15,236,000 as of its most recent SEC filing.
A number of other hedge funds also recently made changes to their positions in PGR. Raleigh Capital Management Inc. grew its holdings in shares of Progressive by 20.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider's stock worth $60,000 after purchasing an additional 41 shares during the last quarter. Castleview Partners LLC grew its position in Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider's stock worth $434,000 after acquiring an additional 45 shares during the last quarter. Washington Trust Bank grew its holdings in shares of Progressive by 4.6% during the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider's stock worth $260,000 after purchasing an additional 45 shares during the last quarter. Sunbelt Securities Inc. increased its holdings in shares of Progressive by 21.3% in the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider's stock valued at $54,000 after purchasing an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its position in shares of Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider's stock worth $95,000 after acquiring an additional 48 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.
Insider Transactions at Progressive
In other news, Director Dyke Kahina Van sold 2,180 shares of the business'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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Broz sold 6,122 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares of the company's stock, valued at approximately $7,600,400.04. This represents a 15.93 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,331 shares of company stock worth $16,415,812. Company insiders own 0.34% of the company's stock.
Progressive Price Performance
Progressive stock traded down $1.72 during mid-day trading on Friday, reaching $255.78. 3,259,995 shares of the company were exchanged, compared to its average volume of 2,071,289. 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 Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.85. The firm has a market cap of $149.84 billion, a PE ratio of 18.59, a PEG ratio of 0.71 and a beta of 0.36. The company has a fifty day simple moving average of $252.22 and a 200-day simple moving average of $229.98.
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 for the quarter, beating analysts' consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. As a group, equities research analysts expect that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.
Analysts Set New Price Targets
A number of brokerages recently commented on PGR. Morgan Stanley lifted their price objective on Progressive from $300.00 to $310.00 and gave the stock an "overweight" rating in a research note on Friday, October 18th. The Goldman Sachs Group increased their target price on Progressive from $262.00 to $280.00 and gave the stock a "buy" rating in a report on Wednesday, September 18th. Keefe, Bruyette & Woods boosted their target price on Progressive from $280.00 to $290.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Hsbc Global Res raised shares of Progressive from a "hold" rating to a "strong-buy" rating in a research report on Monday, August 12th. 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. Six investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $269.56.
Check Out Our Latest Stock Analysis on Progressive
About Progressive
(
Free Report)
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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