Global Retirement Partners LLC Acquires New Shares in The Progressive Corporation $PGR

Global Retirement Partners LLC bought a new stake in shares of The Progressive Corporation (NYSE:PGR) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 3,894 shares of the insurance provider’s stock, valued at approximately $1,039,000.

A number of other large investors have also recently made changes to their positions in PGR. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive during the 2nd quarter valued at $33,000. Westside Investment Management Inc. grew its holdings in Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares in the last quarter. Ransom Advisory Ltd bought a new stake in shares of Progressive during the first quarter valued at about $35,000. Activest Wealth Management lifted its holdings in shares of Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares in the last quarter. Finally, Richardson Financial Services Inc. boosted its position 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 acquiring an additional 132 shares during the period. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of several recent analyst reports. Evercore ISI lowered their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. HSBC set a $259.00 price objective on Progressive and gave the company an “underperform” rating in a research note on Monday, November 17th. UBS Group decreased their target price on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a report on Wednesday. Finally, Raymond James Financial cut their price objective on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, October 17th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Progressive has a consensus rating of “Hold” and a consensus target price of $266.52.

Progressive Price Performance

PGR opened at $229.54 on Friday. The stock has a 50-day moving average price of $227.59 and a 200-day moving average price of $247.10. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The stock has a market capitalization of $134.60 billion, a P/E ratio of 12.59, a PEG ratio of 1.19 and a beta of 0.29.

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 analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the prior year, the business posted $3.58 earnings per share. Equities analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the transaction, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 43,332 shares of company stock valued at $10,564,558. 0.34% of the stock is owned by 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.