Legacy Financial Group Inc. Purchases Shares of 3,282 The Progressive Corporation $PGR

Legacy Financial Group Inc. purchased a new position in The Progressive Corporation (NYSE:PGR) in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 3,282 shares of the insurance provider’s stock, valued at approximately $876,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PGR. Nuveen LLC purchased a new position in shares of Progressive during the 1st quarter valued at $1,473,180,000. GQG Partners LLC increased its stake in Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after buying an additional 3,174,632 shares in the last quarter. Alliancebernstein L.P. raised its holdings in Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after acquiring an additional 1,091,828 shares during the period. Axiom Investors LLC DE purchased a new position in shares of Progressive in the first quarter valued at about $194,557,000. Finally, 1832 Asset Management L.P. lifted its position in shares of Progressive by 123.1% in the first quarter. 1832 Asset Management L.P. now owns 1,160,302 shares of the insurance provider’s stock valued at $328,377,000 after acquiring an additional 640,306 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. Morgan Stanley set a $214.00 target price on Progressive and gave the stock an “underweight” rating in a research report on Monday, October 20th. Barclays dropped their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research note on Monday, October 20th. UBS Group reduced their price objective on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. Raymond James Financial lowered their target price on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Finally, Evercore ISI dropped their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $266.52.

Progressive Stock Up 0.4%

Shares of PGR opened at $226.99 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The stock has a market capitalization of $133.11 billion, a price-to-earnings ratio of 12.45, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The business’s 50 day simple moving average is $228.90 and its 200-day simple moving average is $248.44.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter in the prior year, the firm posted $3.58 EPS. As a group, equities analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the transaction, the chief executive officer directly owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 41,987 shares of company stock valued at $10,257,508. Corporate insiders own 0.34% of the company’s stock.

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.