The Progressive Co. (NYSE:PGR) Shares Purchased by Bank of Montreal Can

Bank of Montreal Can raised its holdings in The Progressive Co. (NYSE:PGR) by 13.9% in the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 1,019,970 shares of the insurance provider’s stock after acquiring an additional 124,349 shares during the quarter. Bank of Montreal Can’s holdings in Progressive were worth $256,114,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Advisors Asset Management Inc. boosted its holdings in Progressive by 88.7% in the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock valued at $1,577,000 after purchasing an additional 3,585 shares in the last quarter. Lazard Asset Management LLC lifted its position in Progressive by 138.1% during the first quarter. Lazard Asset Management LLC now owns 10,021 shares of the insurance provider’s stock worth $2,071,000 after buying an additional 5,813 shares during the period. B. Riley Wealth Advisors Inc. boosted its position in shares of Progressive by 7.2% in the first quarter. B. Riley Wealth Advisors Inc. now owns 7,972 shares of the insurance provider’s stock worth $1,649,000 after acquiring an additional 537 shares during the last quarter. 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 purchasing an additional 5,691 shares during the last quarter. Finally, SkyView Investment Advisors LLC increased its holdings in shares of Progressive by 2.6% during the 1st quarter. SkyView Investment Advisors LLC now owns 7,096 shares of the insurance provider’s stock worth $1,468,000 after buying an additional 182 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 0.1 %

PGR stock opened at $265.89 on Tuesday. 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 firm has a market cap of $155.76 billion, a PE ratio of 19.32, a P/E/G ratio of 0.74 and a beta of 0.36. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $266.89. The firm has a 50 day simple moving average of $253.25 and a 200 day simple moving average of $232.11.

Progressive (NYSE:PGR) last released its quarterly earnings data 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 business had revenue of $19.43 billion during 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 research analysts forecast that The Progressive Co. will post 13.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the 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 completion of the sale, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 2,982 shares of the firm’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 completion of the sale, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This trade represents a 9.23 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on PGR shares. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Bank of America increased their price objective on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Morgan Stanley lifted their target price on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Roth Mkm boosted their price objective on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, Wells Fargo & Company increased their target price on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average target price of $269.81.

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.