Huntington National Bank Grows Stake in The Progressive Co. (NYSE:PGR)

Huntington National Bank grew its position in The Progressive Co. (NYSE:PGR) by 0.8% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 26,274 shares of the insurance provider’s stock after buying an additional 201 shares during the quarter. Huntington National Bank’s holdings in Progressive were worth $6,667,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Davis Capital Management bought a new position in Progressive during the 3rd quarter worth about $25,000. WR Wealth Planners LLC increased 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 buying an additional 67 shares during the period. Hilltop National Bank increased its holdings in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the period. DiNuzzo Private Wealth Inc. lifted its holdings in Progressive by 114.1% during 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 period. Finally, LRI Investments LLC bought a new stake in Progressive during the 1st quarter valued at $36,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 1.5 %

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 company’s fifty day moving average price is $251.92 and its 200-day moving average price is $229.29. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $263.85. The firm has a market capitalization of $150.83 billion, a P/E ratio of 18.71, a PEG ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly 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 for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, equities research analysts anticipate that The Progressive Co. will post 13.11 EPS for the current year.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 6,122 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This represents a 15.93 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,331 shares of company stock worth $16,415,812 over the last quarter. 0.34% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the company. Piper Sandler boosted their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Wells Fargo & Company increased their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group raised their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. 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 research report on Thursday, October 10th. Finally, StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Monday. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $269.56.

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.