WP Advisors LLC Lowers Stock Holdings in The Progressive Co. (NYSE:PGR)

by · The Markets Daily

WP Advisors LLC trimmed its holdings in shares of The Progressive Co. (NYSE:PGR – Free Report) by 7.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 4,517 shares of the insurance provider’s stock after selling 387 shares during the period. WP Advisors LLC’s holdings in Progressive were worth $1,146,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the business. Davis Capital Management bought a new stake in shares of Progressive during the third quarter valued at approximately $25,000. WR Wealth Planners LLC increased its position in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares in the last quarter. Hilltop National Bank increased its position in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. increased its position in shares of Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares in the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Progressive during the first quarter valued at approximately $36,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Down 0.7 %

PGR opened at $255.78 on Monday. 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 Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $263.85. The firm’s fifty day moving average is $252.22 and its 200 day moving average is $230.10. The stock has a market cap of $149.84 billion, a price-to-earnings ratio of 18.59, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, sell-side analysts forecast that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on PGR shares. Morgan Stanley raised their price target 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. Wells Fargo & Company raised their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. BMO Capital Markets reduced their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. TD Cowen lifted their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Finally, Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Six equities research 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, Progressive currently has a consensus rating of “Moderate Buy” and an average price target of $269.56.

Get Our Latest Analysis on PGR

Insiders Place Their Bets

In other news, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. The trade was a 10.16 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the business’s 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 sale, the director now owns 13,723 shares in the company, 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 a total of 59,209 shares of company stock worth $14,975,979 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Progressive Company Profile

(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.

Further Reading