Napa Wealth Management Purchases New Position in The Progressive Co. (NYSE:PGR)

Napa Wealth Management purchased a new stake in The Progressive Co. (NYSE:PGR) during the third quarter, according to the company in its most recent Form 13F filing with the SEC. The firm purchased 4,444 shares of the insurance provider’s stock, valued at approximately $1,128,000.

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

Analyst Ratings Changes

Several brokerages have issued reports on PGR. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. TD Cowen increased their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Wells Fargo & Company upped their price target on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Finally, Piper Sandler lifted their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Six research 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 company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $269.56.

Progressive Stock Performance

Shares of PGR stock opened at $255.78 on Monday. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $263.85. The firm has a 50 day moving average of $252.22 and a two-hundred day moving average of $230.10. 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 stock has a market capitalization of $149.84 billion, a PE ratio of 18.59, a P/E/G ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company 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%. On average, research analysts predict that The Progressive Co. will post 13.09 EPS for the current fiscal year.

Insider Activity at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’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 directly owns 473,735 shares of the company’s stock, valued at $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock valued at $14,975,979 over the last 90 days. 0.34% of the stock is owned by corporate insiders.

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.