The Progressive Corporation $PGR Shares Purchased by Prospera Financial Services Inc

Prospera Financial Services Inc boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 50.8% in the second quarter, HoldingsChannel.com reports. The fund owned 14,056 shares of the insurance provider’s stock after buying an additional 4,737 shares during the quarter. Prospera Financial Services Inc’s holdings in Progressive were worth $3,751,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. New York Life Investment Management LLC raised its holdings in Progressive by 1.4% in the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock valued at $23,420,000 after buying an additional 1,192 shares during the period. Baron Silver Stevens Financial Advisors LLC acquired a new stake in shares of Progressive in the second quarter worth $306,000. Wakefield Asset Management LLLP increased its position in shares of Progressive by 199.0% in the second quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock worth $2,511,000 after acquiring an additional 6,263 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Progressive in the 2nd quarter valued at $13,583,000. Finally, Whalen Wealth Management Inc. acquired a new position in shares of Progressive during the 2nd quarter valued at $647,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This trade represents a 6.05% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total value of $556,230.04. Following the completion of the sale, the insider owned 45,724 shares of the company’s stock, valued at $11,466,664.72. This trade represents a 4.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 58,500 shares of company stock valued at $14,430,089. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on PGR shares. Weiss Ratings reiterated a “buy (b-)” rating on shares of Progressive in a report on Friday, October 31st. Evercore ISI decreased their target price 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. Wolfe Research started coverage on Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating for the company. Citigroup dropped their target price on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a report on Thursday, October 16th. Finally, Keefe, Bruyette & Woods decreased their price target on Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a report on Wednesday, November 5th. Eight analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $269.90.

Progressive Trading Up 3.6%

PGR opened at $217.16 on Monday. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The stock has a market capitalization of $127.34 billion, a PE ratio of 11.91, a P/E/G ratio of 1.19 and a beta of 0.29. The firm’s fifty day moving average price is $233.53 and its 200 day moving average price is $251.96.

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

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.