Prospector Partners LLC Has $29.29 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Prospector Partners LLC raised its stake in The Progressive Co. (NYSE:PGR) by 0.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 115,404 shares of the insurance provider’s stock after buying an additional 509 shares during the period. Progressive comprises about 3.1% of Prospector Partners LLC’s investment portfolio, making the stock its 3rd biggest position. Prospector Partners LLC’s holdings in Progressive were worth $29,285,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Davis Capital Management purchased a new stake in Progressive during the third quarter valued at about $25,000. WR Wealth Planners LLC raised its holdings in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares in the last quarter. Hilltop National Bank lifted its position in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. boosted its stake in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares in the last quarter. Finally, LRI Investments LLC bought a new position in Progressive during the first quarter valued at approximately $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. This trade represents a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock valued at $14,975,979 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.1 %

NYSE PGR opened at $265.89 on Tuesday. 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 Progressive Co. has a 52 week low of $149.14 and a 52 week high of $266.89. The firm has a market capitalization of $155.76 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 0.74 and a beta of 0.36. The company has a fifty day moving average of $253.25 and a two-hundred day moving average of $232.11.

Progressive (NYSE:PGR) last issued 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. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. On average, analysts predict that The Progressive Co. will post 13.17 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on PGR shares. Piper Sandler boosted their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research note on Monday, August 12th. The Goldman Sachs Group raised their price objective on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. boosted their target price on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Finally, Morgan Stanley raised their price target on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Five research 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. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

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.