AMG National Trust Bank Purchases New Position in The Progressive Co. (NYSE:PGR)

AMG National Trust Bank purchased a new position in The Progressive Co. (NYSE:PGR) in the third quarter, Holdings Channel reports. The fund purchased 799 shares of the insurance provider’s stock, valued at approximately $203,000.

Several other large investors also recently made changes to their positions in PGR. Davis Capital Management bought a new position in shares of Progressive in the 3rd quarter valued at approximately $25,000. WR Wealth Planners LLC grew its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. lifted its stake in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the last quarter. Hilltop National Bank boosted its holdings in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares during the period. Finally, LRI Investments LLC acquired a new position in Progressive in the 1st quarter valued at $36,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 1.0 %

Shares of NYSE PGR opened at $256.99 on Thursday. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $263.85. The firm’s 50-day simple moving average is $252.58 and its 200 day simple moving average is $230.94. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market cap of $150.54 billion, a price-to-earnings ratio of 18.68, a price-to-earnings-growth ratio of 0.71 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 the consensus estimate 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, research analysts expect that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

Insider Transactions at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of the firm’s 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 directly owns 13,723 shares in the company, valued at $3,462,038.44. This trade represents a 13.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock worth $14,975,979 in the last quarter. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

PGR has been the subject of a number of research analyst reports. Wells Fargo & Company boosted their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. HSBC raised 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. Roth Mkm lifted their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Barclays increased their price target on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Finally, Jefferies Financial Group boosted their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

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.