Capital Investment Counsel LLC Raises Stock Holdings in The Progressive Co. (NYSE:PGR)

Capital Investment Counsel LLC raised its position in shares of The Progressive Co. (NYSE:PGR) by 3.2% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,571 shares of the insurance provider’s stock after buying an additional 49 shares during the quarter. Capital Investment Counsel LLC’s holdings in Progressive were worth $399,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Jennison Associates LLC lifted its position in Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after acquiring an additional 842,109 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Progressive by 29,701.6% during the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after purchasing an additional 594,330 shares during the last quarter. SG Americas Securities LLC boosted its position in shares of Progressive by 206.8% in the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after purchasing an additional 590,235 shares in the last quarter. Swedbank AB purchased a new stake in shares of Progressive in the 1st quarter worth approximately $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ increased its position in Progressive by 457.2% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after buying an additional 534,754 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The stock was 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 directly owns 473,735 shares of the company’s stock, valued at $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 available at this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Progressive Stock Up 1.0 %

PGR stock opened at $266.06 on Friday. The business’s 50-day moving average is $253.06 and its two-hundred day moving average is $231.63. The company has a market cap of $155.86 billion, a price-to-earnings ratio of 19.34, a P/E/G ratio of 0.73 and a beta of 0.36. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $266.18. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last posted its quarterly earnings data 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 net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. As a group, analysts forecast that The Progressive Co. will post 13.12 earnings per share for the current year.

Analyst Ratings Changes

Several research firms have commented on PGR. Roth Mkm boosted their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Morgan Stanley increased their price objective on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Piper Sandler lifted their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. TD Cowen increased their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Finally, Jefferies Financial Group raised their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus 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.