Stonebrook Private Inc. Takes Position in The Progressive Co. (NYSE:PGR)

Stonebrook Private Inc. acquired a new stake in The Progressive Co. (NYSE:PGR) during the third quarter, according to its most recent Form 13F filing with the SEC. The firm acquired 1,068 shares of the insurance provider’s stock, valued at approximately $271,000.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Davis Capital Management bought a new stake in Progressive during the third quarter valued at about $25,000. WR Wealth Planners LLC boosted 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 valued at $26,000 after purchasing an additional 67 shares during the period. Hilltop National Bank grew its holdings in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. increased 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 worth $35,000 after buying an additional 73 shares during the period. Finally, LRI Investments LLC acquired a new position in shares of Progressive during the first quarter worth approximately $36,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

PGR has been the topic of several research analyst reports. Evercore ISI raised their price objective on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a report on Monday, August 12th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. The Goldman Sachs Group upped their price target on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Keefe, Bruyette & Woods lifted their price objective on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $269.81.

Insider Activity at Progressive

In other news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. This represents a 9.23 % 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, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock valued at $14,975,979 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Up 1.0 %

PGR opened at $266.06 on Friday. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $266.18. The firm has a market cap of $155.86 billion, a price-to-earnings ratio of 19.34, a PEG ratio of 0.73 and a beta of 0.36. The firm’s 50-day simple moving average is $253.06 and its 200-day simple moving average is $231.63. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities research analysts anticipate that The Progressive Co. will post 13.12 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.