Brooklyn Investment Group Increases Position in The Progressive Co. (NYSE:PGR)

Brooklyn Investment Group grew its holdings in The Progressive Co. (NYSE:PGR) by 12.0% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 3,329 shares of the insurance provider’s stock after purchasing an additional 358 shares during the quarter. Brooklyn Investment Group’s holdings in Progressive were worth $845,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in PGR. Jennison Associates LLC increased its stake in shares of Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after acquiring an additional 842,109 shares during the last quarter. International Assets Investment Management LLC grew its holdings in shares of Progressive by 29,701.6% in the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after purchasing an additional 594,330 shares during the period. SG Americas Securities LLC increased its position in Progressive by 206.8% during the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after purchasing an additional 590,235 shares during the last quarter. Swedbank AB purchased a new position in Progressive during the first quarter worth about $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ boosted its holdings in Progressive by 457.2% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after purchasing an additional 534,754 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

NYSE:PGR opened at $263.77 on Tuesday. The company has a market cap of $154.52 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. 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 52 week low of $149.14 and a 52 week high of $266.89. The company has a fifty day simple moving average of $253.25 and a two-hundred day simple moving average of $232.11.

Progressive (NYSE:PGR) last released its 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 firm had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, equities analysts anticipate that The Progressive Co. will post 13.17 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 8.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,981 shares of the business’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 value of $748,678.15. Following the sale, 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 position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,209 shares of company stock worth $14,975,979. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent analyst reports. Bank of America raised their price target on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a report on Monday, August 12th. Piper Sandler upped their target price on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Finally, Wells Fargo & Company increased their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average target price of $269.81.

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.