Accretive Wealth Partners LLC Reduces Stock Position in The Progressive Co. (NYSE:PGR)

Accretive Wealth Partners LLC trimmed its position in The Progressive Co. (NYSE:PGR) by 4.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,944 shares of the insurance provider’s stock after selling 552 shares during the period. Progressive comprises about 1.3% of Accretive Wealth Partners LLC’s investment portfolio, making the stock its 14th largest position. Accretive Wealth Partners LLC’s holdings in Progressive were worth $3,031,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of PGR. Davis Capital Management purchased a new stake in Progressive in the 3rd quarter valued at about $25,000. WR Wealth Planners LLC increased its position in Progressive by 119.6% during the second 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 last quarter. DiNuzzo Private Wealth Inc. raised its stake in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the period. Hilltop National Bank boosted its holdings in shares of 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 during the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Progressive during the 1st quarter valued at $36,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Up 2.3 %

Shares of NYSE:PGR opened at $262.90 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $263.85. The company’s fifty day moving average is $252.85 and its two-hundred day moving average is $231.17. The stock has a market capitalization of $154.01 billion, a price-to-earnings ratio of 19.11, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Equities analysts anticipate that The Progressive Co. will post 13.09 EPS for the current year.

Analysts Set New Price Targets

Several brokerages recently weighed in on PGR. Evercore ISI increased their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research note on Monday, August 12th. JPMorgan Chase & Co. raised their target price on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Barclays lifted their price target on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 10.16 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is owned by company insiders.

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.