Hardy Reed LLC Has $3.49 Million Stock Position in The Progressive Co. (NYSE:PGR)

Hardy Reed LLC lessened its holdings in The Progressive Co. (NYSE:PGR) by 0.8% during the third quarter, HoldingsChannel reports. The firm owned 13,747 shares of the insurance provider’s stock after selling 115 shares during the quarter. Hardy Reed LLC’s holdings in Progressive were worth $3,488,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. FMR LLC boosted its position in Progressive by 1.6% in the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after buying an additional 170,618 shares in the last quarter. Legal & General Group Plc boosted its holdings in shares of Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after acquiring an additional 92,212 shares in the last quarter. Jennison Associates LLC increased its holdings in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Progressive by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,836,218 shares of the insurance provider’s stock valued at $973,479,000 after purchasing an additional 39,675 shares during the last quarter. Finally, American Century Companies Inc. boosted its stake in shares of Progressive by 3.0% during the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock valued at $497,003,000 after purchasing an additional 69,709 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of a number of research reports. Barclays raised their price objective on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. 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 research note on Thursday, August 15th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Bank of America upped their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Finally, Jefferies Financial Group raised their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive Price Performance

PGR stock opened at $268.00 on Wednesday. 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 company’s 50-day moving average is $253.47 and its 200-day moving average is $232.47. The stock has a market capitalization of $157.00 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $268.16.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating 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 analysts’ expectations of $18.95 billion. Equities research analysts expect that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of Progressive 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 completion of the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 2,982 shares of the stock in a transaction that occurred 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 ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,209 shares of company stock worth $14,975,979. 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.