The Progressive Co. (NYSE:PGR) Shares Bought by Impax Asset Management Group plc

Impax Asset Management Group plc grew its position in shares of The Progressive Co. (NYSE:PGR) by 24.9% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 65,471 shares of the insurance provider’s stock after acquiring an additional 13,047 shares during the quarter. Impax Asset Management Group plc’s holdings in Progressive were worth $16,614,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter valued at about $25,000. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. Hilltop National Bank boosted its holdings in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. boosted its holdings in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Finally, LRI Investments LLC purchased a new position in Progressive in the first quarter valued at about $36,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other news, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the transaction, the insider now directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. This represents a 33.63 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction that occurred on Monday, October 21st. The stock was 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 in the company, valued at $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 have sold a total of 65,331 shares of company stock valued at $16,415,812 over the last quarter. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

PGR has been the subject of a number of analyst reports. Piper Sandler increased their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. TD Cowen increased their target price on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a report on Monday, November 11th. Jefferies Financial Group increased their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Finally, HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. Seven analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and an average target price of $269.56.

Progressive Stock Performance

Shares of Progressive stock opened at $255.78 on Friday. The stock has a market cap of $149.84 billion, a PE ratio of 18.59, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36. The business has a fifty day simple moving average of $252.08 and a 200-day simple moving average of $229.48. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.85.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, sell-side analysts anticipate that The Progressive Co. will post 13.11 EPS for the current fiscal year.

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.