Scotia Capital Inc. Buys 6,855 Shares of The Progressive Corporation $PGR

Scotia Capital Inc. boosted its stake in shares of The Progressive Corporation (NYSE:PGR) by 32.2% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 28,172 shares of the insurance provider’s stock after acquiring an additional 6,855 shares during the period. Scotia Capital Inc.’s holdings in Progressive were worth $7,518,000 at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. Atlantic Union Bankshares Corp purchased a new position in Progressive during the 2nd quarter valued at approximately $33,000. Westside Investment Management Inc. raised its holdings in shares of Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares in the last quarter. Ransom Advisory Ltd bought a new position in shares of Progressive during the 1st quarter valued at approximately $35,000. Activest Wealth Management boosted its position in shares of Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 127 shares during the last quarter. Finally, Richardson Financial Services Inc. grew its holdings in shares of Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 132 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

PGR stock opened at $228.63 on Friday. The stock has a market cap of $134.07 billion, a PE ratio of 12.54, a P/E/G ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a 12 month low of $199.90 and a 12 month high of $292.99. The company has a 50-day moving average price of $227.31 and a 200 day moving average price of $246.74. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the prior year, the company posted $3.58 EPS. Equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the stock. Morgan Stanley set a $214.00 price target on shares of Progressive and gave the company an “underweight” rating in a research note on Monday, October 20th. Wolfe Research began coverage on shares of Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. Wells Fargo & Company upped their target price on shares of Progressive from $246.00 to $247.00 and gave the company an “equal weight” rating in a research report on Thursday, November 20th. Evercore ISI dropped their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a research note on Wednesday. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $266.52.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the sale, the insider owned 27,698 shares in the company, valued at $6,323,176.42. This trade represents a 4.63% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 43,332 shares of company stock valued at $10,564,558 in the last three months. 0.34% of the stock is owned by company insiders.

Progressive 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.