Public Sector Pension Investment Board Grows Position in The Progressive Co. (NYSE:PGR)

Public Sector Pension Investment Board grew its position in shares of The Progressive Co. (NYSE:PGR) by 2.7% in the 3rd quarter, Holdings Channel.com reports. The firm owned 102,001 shares of the insurance provider’s stock after buying an additional 2,710 shares during the period. Public Sector Pension Investment Board’s holdings in Progressive were worth $25,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. raised 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 period. New Covenant Trust Company N.A. purchased a new position in shares of Progressive in the 1st quarter valued at about $41,000. Virtu Financial LLC acquired a new position in Progressive in the 1st quarter worth about $258,000. LRI Investments LLC purchased a new position in Progressive during the first quarter worth approximately $36,000. Finally, Sanibel Captiva Trust Company Inc. grew its holdings in Progressive by 532.6% in the first quarter. Sanibel Captiva Trust Company Inc. now owns 8,799 shares of the insurance provider’s stock valued at $1,820,000 after purchasing an additional 7,408 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Trading Down 0.4 %

NYSE PGR opened at $266.86 on Thursday. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $270.62. The company has a 50-day moving average of $253.65 and a 200-day moving average of $232.72. The company has a market cap of $156.33 billion, a P/E ratio of 19.39, a P/E/G ratio of 0.74 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, equities analysts predict that The Progressive Co. will post 13.2 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Bank of America lifted their price target on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Jefferies Financial Group raised their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, Barclays increased their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $269.81.

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the sale, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. This represents a 33.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock worth $14,975,979 over the last ninety days. Company insiders own 0.34% of the company’s stock.

Progressive Company 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.