Kingsview Wealth Management LLC Acquires 335 Shares of The Progressive Co. (NYSE:PGR)

Kingsview Wealth Management LLC increased its stake in The Progressive Co. (NYSE:PGR) by 20.1% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,001 shares of the insurance provider’s stock after purchasing an additional 335 shares during the period. Kingsview Wealth Management LLC’s holdings in Progressive were worth $508,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. B. Riley Wealth Advisors Inc. lifted its holdings in shares of Progressive by 7.2% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,972 shares of the insurance provider’s stock worth $1,649,000 after acquiring an additional 537 shares during the last quarter. Virtu Financial LLC bought a new stake in Progressive during the first quarter worth about $258,000. LRI Investments LLC purchased a new position in shares of Progressive in the 1st quarter worth about $36,000. Cetera Investment Advisers increased its position in shares of Progressive by 259.1% during the 1st quarter. Cetera Investment Advisers now owns 67,074 shares of the insurance provider’s stock valued at $13,872,000 after purchasing an additional 48,397 shares during the last quarter. Finally, Cetera Advisors LLC raised its holdings in shares of Progressive by 59.6% during the 1st quarter. Cetera Advisors LLC now owns 18,075 shares of the insurance provider’s stock valued at $3,738,000 after buying an additional 6,752 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Progressive news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction 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 completion of the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 59,209 shares of company stock worth $14,975,979. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on PGR shares. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. JPMorgan Chase & Co. increased their target price on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Barclays upped their price target on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research note on Monday, August 12th. Finally, Morgan Stanley raised their price target on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Progressive Price Performance

PGR stock opened at $266.86 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 Progressive Co. has a 1 year low of $149.14 and a 1 year high of $270.62. The firm has a 50-day moving average of $253.89 and a 200 day moving average of $232.95. The company has a market cap of $156.33 billion, a P/E ratio of 19.39, a PEG ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations 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 13.2 EPS for the current year.

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.