Empower Advisory Group LLC Increases Stock Holdings in The Progressive Co. (NYSE:PGR)

Empower Advisory Group LLC grew its holdings in shares of The Progressive Co. (NYSE:PGR) by 65.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,645 shares of the insurance provider’s stock after purchasing an additional 1,050 shares during the period. Empower Advisory Group LLC’s holdings in Progressive were worth $671,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Aptus Capital Advisors LLC lifted its holdings in Progressive by 12.6% during the 3rd quarter. Aptus Capital Advisors LLC now owns 159,133 shares of the insurance provider’s stock worth $40,382,000 after buying an additional 17,760 shares in the last quarter. First Heartland Consultants Inc. raised its stake in shares of Progressive by 3.6% in the third quarter. First Heartland Consultants Inc. now owns 2,253 shares of the insurance provider’s stock valued at $572,000 after acquiring an additional 79 shares in the last quarter. Cumberland Partners Ltd boosted its holdings in Progressive by 116.7% in the third quarter. Cumberland Partners Ltd now owns 6,500 shares of the insurance provider’s stock valued at $1,649,000 after purchasing an additional 3,500 shares during the period. Aigen Investment Management LP grew its stake in Progressive by 57.0% during the 3rd quarter. Aigen Investment Management LP now owns 11,739 shares of the insurance provider’s stock worth $2,979,000 after purchasing an additional 4,262 shares in the last quarter. Finally, Prime Capital Investment Advisors LLC increased its holdings in Progressive by 1.7% during the 3rd quarter. Prime Capital Investment Advisors LLC now owns 5,577 shares of the insurance provider’s stock worth $1,415,000 after purchasing an additional 93 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on PGR. Piper Sandler boosted their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. The Goldman Sachs Group raised their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research report on Monday, August 12th. Bank of America increased their target price on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Finally, Keefe, Bruyette & Woods lifted their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $269.56.

Progressive Stock Down 1.5 %

Shares of NYSE:PGR opened at $257.47 on Friday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The stock has a market cap of $150.83 billion, a P/E ratio of 18.71, a P/E/G ratio of 0.73 and a beta of 0.36. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $263.85. The firm has a fifty day moving average price of $251.92 and a 200 day moving average price of $229.29.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Sell-side analysts predict that The Progressive Co. will post 13.15 EPS for the current year.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on 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 sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,982 shares of the stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This trade represents a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,331 shares of company stock valued at $16,415,812. Company insiders own 0.34% of the company’s stock.

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.