Citigroup Inc. Buys 28,398 Shares of The Progressive Co. (NYSE:PGR)

Citigroup Inc. raised its stake in shares of The Progressive Co. (NYSE:PGR) by 6.4% in the third quarter, according to the company in its most recent disclosure with the SEC. The firm owned 470,394 shares of the insurance provider’s stock after acquiring an additional 28,398 shares during the quarter. Citigroup Inc. owned approximately 0.08% of Progressive worth $119,367,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently made changes to their positions in PGR. Davis Capital Management acquired a new position in Progressive in the third quarter valued at about $25,000. WR Wealth Planners LLC grew its position 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 during the last quarter. Hilltop National Bank increased its holdings in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. raised its position in Progressive by 114.1% in the 3rd 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 acquired a new position in Progressive in the first quarter worth $36,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on PGR shares. JPMorgan Chase & Co. raised their target price on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Evercore ISI raised their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. TD Cowen upped 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. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, BMO Capital Markets reduced their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Trading Up 1.0 %

NYSE PGR opened at $266.04 on Friday. The company has a current ratio of 0.30, a quick 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 $266.18. The company has a market capitalization of $155.85 billion, a PE ratio of 19.33, a P/E/G ratio of 0.73 and a beta of 0.36. The stock has a 50-day simple moving average of $253.06 and a 200 day simple moving average of $231.52.

Progressive (NYSE:PGR) last announced its quarterly earnings results 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 return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Research analysts forecast that The Progressive Co. will post 13.12 EPS for the current year.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value 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. The trade was a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,209 shares of company stock valued at $14,975,979. Corporate 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.