The Progressive Co. (NYSE:PGR) is Valley Wealth Managers Inc.’s 6th Largest Position

by · The Cerbat Gem

Valley Wealth Managers Inc. lessened its holdings in The Progressive Co. (NYSE:PGR – Free Report) by 11.1% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 100,755 shares of the insurance provider’s stock after selling 12,546 shares during the period. Progressive makes up approximately 1.9% of Valley Wealth Managers Inc.’s portfolio, making the stock its 6th largest position. Valley Wealth Managers Inc.’s holdings in Progressive were worth $25,567,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Davis Capital Management purchased a new stake in shares of Progressive during the 3rd quarter worth $25,000. WR Wealth Planners LLC raised its stake in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares in the last quarter. Hilltop National Bank raised its stake in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. raised its stake in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in Progressive during the 1st quarter worth $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction dated 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 directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,331 shares of company stock worth $16,415,812. 0.34% of the stock is currently owned by insiders.

Progressive Stock Up 0.8 %

Shares of PGR stock traded up $1.96 on Friday, hitting $259.46. The stock had a trading volume of 378,719 shares, compared to its average volume of 2,451,008. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $151.99 billion, a price-to-earnings ratio of 18.86, a P/E/G ratio of 0.73 and a beta of 0.36. The stock’s 50 day moving average is $252.08 and its 200-day moving average is $229.48.

Progressive (NYSE:PGR – Get Free Report) last posted 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 net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. As a group, research analysts expect that The Progressive Co. will post 13.11 earnings per share for the current year.

Analysts Set New Price Targets

Several brokerages recently commented on PGR. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research note on Monday, August 12th. Jefferies Financial Group boosted their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Monday. Bank of America boosted their price target on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research note on Wednesday, October 16th. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Seven investment 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. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

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About Progressive

(Free Report)

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.

See Also

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