Claro Advisors LLC Acquires 1,593 Shares of The Progressive Co. (NYSE:PGR)

Claro Advisors LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 117.2% in the 3rd quarter, Holdings Channel reports. The firm owned 2,952 shares of the insurance provider’s stock after buying an additional 1,593 shares during the period. Claro Advisors LLC’s holdings in Progressive were worth $749,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Covestor Ltd lifted its stake in Progressive by 216.3% during the first quarter. Covestor Ltd now owns 639 shares of the insurance provider’s stock worth $132,000 after purchasing an additional 437 shares during the last quarter. Trustmark National Bank Trust Department acquired a new position in shares of Progressive during the first quarter worth $236,000. O Shaughnessy Asset Management LLC increased its holdings in shares of Progressive by 11.7% during the first quarter. O Shaughnessy Asset Management LLC now owns 52,969 shares of the insurance provider’s stock worth $10,955,000 after buying an additional 5,557 shares in the last quarter. Seven Eight Capital LP acquired a new position in shares of Progressive during the first quarter worth $568,000. Finally, UniSuper Management Pty Ltd increased its holdings in shares of Progressive by 168.3% during the first quarter. UniSuper Management Pty Ltd now owns 12,644 shares of the insurance provider’s stock worth $2,615,000 after buying an additional 7,932 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. This trade represents a 8.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 13.71 % 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.

Progressive Price Performance

PGR stock opened at $255.78 on Monday. The stock has a market capitalization of $149.84 billion, a PE ratio of 18.59, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. The company’s 50-day moving average is $252.22 and its 200-day moving average is $230.10. 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 1 year low of $149.14 and a 1 year high of $263.85.

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

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. JPMorgan Chase & Co. upped their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Wells Fargo & Company upped their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Evercore ISI upped their price target on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Finally, Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Six equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

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.