Cerity Partners LLC Buys 3,425 Shares of The Progressive Corporation $PGR

Cerity Partners LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 1.7% during the second quarter, HoldingsChannel reports. The firm owned 206,749 shares of the insurance provider’s stock after acquiring an additional 3,425 shares during the quarter. Cerity Partners LLC’s holdings in Progressive were worth $55,173,000 as of its most recent SEC filing.

Several other large investors also recently made changes to their positions in PGR. Federated Hermes Inc. grew its stake in shares of Progressive by 103.6% in the second quarter. Federated Hermes Inc. now owns 524,532 shares of the insurance provider’s stock valued at $139,977,000 after buying an additional 266,919 shares in the last quarter. Jump Financial LLC acquired a new stake in Progressive in the second quarter valued at $6,910,000. Rockport Wealth LLC bought a new position in shares of Progressive in the 2nd quarter valued at about $239,000. Cary Street Partners Investment Advisory LLC grew its position in shares of Progressive by 17.5% in the 2nd quarter. Cary Street Partners Investment Advisory LLC now owns 731 shares of the insurance provider’s stock valued at $195,000 after acquiring an additional 109 shares during the period. Finally, Stenger Family Office LLC acquired a new position in shares of Progressive during the 2nd quarter worth about $383,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of several recent analyst reports. Wells Fargo & Company raised their target price on shares of Progressive from $246.00 to $247.00 and gave the company an “equal weight” rating in a research note on Thursday, November 20th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 17th. JPMorgan Chase & Co. lifted their target price on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Finally, Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Progressive in a report on Tuesday, December 2nd. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Hold” and an average price target of $266.52.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the stock in a transaction that occurred on Friday, November 21st. The shares were sold at an average price of $228.29, for a total transaction of $307,050.05. Following the transaction, the insider owned 27,698 shares in the company, valued at $6,323,176.42. This represents a 4.63% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the transaction, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 17,673 shares of company stock valued at $4,163,005. 0.33% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of NYSE PGR opened at $222.85 on Monday. The firm has a market cap of $130.68 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 0.99 and a beta of 0.36. The business’s 50 day moving average is $225.88 and its 200-day moving average is $244.24. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the prior year, the company earned $3.58 earnings per share. Equities research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

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.