Aptus Capital Advisors LLC Acquires 17,760 Shares of The Progressive Co. (NYSE:PGR)

Aptus Capital Advisors LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 12.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 159,133 shares of the insurance provider’s stock after buying an additional 17,760 shares during the period. Aptus Capital Advisors LLC’s holdings in Progressive were worth $40,382,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the company. First Heartland Consultants Inc. lifted its stake in 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 during the last quarter. Cumberland Partners Ltd grew its holdings in shares of Progressive by 116.7% during the third quarter. Cumberland Partners Ltd now owns 6,500 shares of the insurance provider’s stock worth $1,649,000 after purchasing an additional 3,500 shares during the last quarter. Aigen Investment Management LP increased its position in Progressive by 57.0% during the 3rd quarter. Aigen Investment Management LP now owns 11,739 shares of the insurance provider’s stock valued at $2,979,000 after purchasing an additional 4,262 shares during the period. Prime Capital Investment Advisors LLC boosted its holdings in Progressive by 1.7% in the third quarter. Prime Capital Investment Advisors LLC now owns 5,577 shares of the insurance provider’s stock worth $1,415,000 after acquiring an additional 93 shares in the last quarter. Finally, Savvy Advisors Inc. bought a new position in shares of Progressive during the third quarter valued at about $593,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

PGR traded up $0.30 during trading on Tuesday, reaching $260.19. 315,901 shares of the company were exchanged, compared to its average volume of 2,461,592. The company has a current ratio of 0.30, a quick ratio of 0.31 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 $263.85. The firm has a 50 day moving average of $251.57 and a 200 day moving average of $228.68. The stock has a market cap of $152.42 billion, a P/E ratio of 18.89, a PEG ratio of 0.72 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion during 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%. On average, sell-side analysts forecast that The Progressive Co. will post 13.15 EPS for the current fiscal year.

Analysts Set New Price Targets

PGR has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. lifted their target price on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Piper Sandler upped their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. TD Cowen upped their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday. The Goldman Sachs Group raised their price objective on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were 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 directly owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is owned by corporate insiders.

About Progressive

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.