Icon Wealth Advisors LLC Buys 65 Shares of The Progressive Co. (NYSE:PGR)

Icon Wealth Advisors LLC raised its stake in The Progressive Co. (NYSE:PGR) by 2.7% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,457 shares of the insurance provider’s stock after purchasing an additional 65 shares during the period. Icon Wealth Advisors LLC’s holdings in Progressive were worth $623,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Virtu Financial LLC acquired a new position in Progressive in the 1st quarter valued at about $258,000. LRI Investments LLC bought a new stake in shares of Progressive during the first quarter worth approximately $36,000. Cetera Investment Advisers grew its position in shares of Progressive by 259.1% in the first 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. Cetera Advisors LLC increased its stake in shares of Progressive by 59.6% during the first quarter. Cetera Advisors LLC now owns 18,075 shares of the insurance provider’s stock worth $3,738,000 after purchasing an additional 6,752 shares during the period. Finally, HM Payson & Co. lifted its holdings in Progressive by 207.1% during the 1st quarter. HM Payson & Co. now owns 989 shares of the insurance provider’s stock worth $205,000 after purchasing an additional 667 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

Progressive stock opened at $268.93 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $270.62. The stock has a market capitalization of $157.54 billion, a P/E ratio of 19.54, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The stock has a fifty day moving average of $254.08 and a 200-day moving average of $233.34.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. On average, sell-side analysts expect that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated 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 transaction, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock valued at $14,975,979 in the last quarter. Insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on PGR. Keefe, Bruyette & Woods upped their price objective on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley upped their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research report on Monday, August 12th. TD Cowen boosted their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price 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.