Integrated Wealth Concepts LLC Has $5.78 Million Stake in The Progressive Co. (NYSE:PGR)

Integrated Wealth Concepts LLC grew its position in shares of The Progressive Co. (NYSE:PGR) by 8.4% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 22,791 shares of the insurance provider’s stock after acquiring an additional 1,769 shares during the period. Integrated Wealth Concepts LLC’s holdings in Progressive were worth $5,783,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in PGR. Raleigh Capital Management Inc. lifted its holdings in Progressive by 20.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares during the last quarter. Castleview Partners LLC lifted its holdings in Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after purchasing an additional 45 shares during the last quarter. Washington Trust Bank lifted its holdings in Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after purchasing an additional 45 shares during the last quarter. Sunbelt Securities Inc. lifted its holdings in Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after purchasing an additional 48 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of NYSE:PGR opened at $260.35 on Thursday. The business’s fifty day moving average price is $254.40 and its two-hundred day moving average price is $234.61. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $270.62. The stock has a market capitalization of $152.52 billion, a price-to-earnings ratio of 18.92, a price-to-earnings-growth ratio of 0.73 and a beta of 0.38. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $18.95 billion. As a group, analysts predict that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the company. Piper Sandler boosted their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Morgan Stanley upped their price target on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Bank of America upped their price target on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Finally, Roth Mkm upped their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average price target of $269.81.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 2,982 shares of the stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the sale, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. This represents a 9.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the 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 sale, the director now owns 13,723 shares in the company, 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 25,839 shares of company stock worth $6,718,965 over the last three months. Company insiders own 0.34% of the company’s stock.

Progressive Company 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.