The Progressive Corporation $PGR Shares Purchased by Allworth Financial LP

Allworth Financial LP raised its holdings in The Progressive Corporation (NYSE:PGR) by 104.5% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 17,849 shares of the insurance provider’s stock after acquiring an additional 9,120 shares during the period. Allworth Financial LP’s holdings in Progressive were worth $4,763,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Atlantic Union Bankshares Corp acquired a new stake in shares of Progressive in the second quarter valued at approximately $33,000. Westside Investment Management Inc. boosted its stake in Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares during the last quarter. Ransom Advisory Ltd purchased a new stake in Progressive in the 1st quarter valued at $35,000. Activest Wealth Management increased its stake in shares of Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 127 shares during the last quarter. Finally, Richardson Financial Services Inc. increased its stake in shares of Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

NYSE PGR opened at $219.73 on Wednesday. The company has a market cap of $128.85 billion, a P/E ratio of 12.05, a P/E/G ratio of 1.19 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The stock has a 50-day moving average of $232.41 and a two-hundred day moving average of $251.30. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the previous year, the business posted $3.58 EPS. As a group, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. Evercore ISI lowered their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Zacks Research cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. UBS Group reduced their price target on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. Finally, The Goldman Sachs Group decreased their price objective on Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $269.90.

Insider Activity at Progressive

In other news, insider Steven Broz sold 1,345 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the sale, the insider directly owned 30,388 shares in the company, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. 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 30,659 shares of Progressive stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 58,500 shares of company stock worth $14,430,089 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

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.