Nordwand Advisors LLC Purchases New Stake in The Progressive Corporation $PGR

Nordwand Advisors LLC purchased a new stake in shares of The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor purchased 793 shares of the insurance provider’s stock, valued at approximately $212,000.

Other hedge funds have also recently modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive during the second quarter worth about $33,000. Westside Investment Management Inc. raised its position in Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. Ransom Advisory Ltd bought a new position in Progressive during the 1st quarter valued at approximately $35,000. Activest Wealth Management lifted its holdings in Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares during the period. Finally, Richardson Financial Services Inc. grew its position in shares of Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after buying an additional 132 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.1%

Shares of Progressive stock opened at $225.10 on Wednesday. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The firm has a market cap of $132.00 billion, a price-to-earnings ratio of 12.35, a PEG ratio of 1.19 and a beta of 0.29. The company has a 50-day moving average of $230.24 and a 200 day moving average of $249.42. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

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

Insider Buying and Selling

In related news, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of the business’s stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the sale, the chief executive officer directly owned 476,286 shares in the company, valued at $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 51,782 shares of company stock worth $12,708,788. 0.34% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent analyst reports. Wells Fargo & Company decreased their target price on Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. Jefferies Financial Group lowered shares of Progressive from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $261.00 to $232.00 in a report on Friday. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research note on Wednesday, August 13th. The Goldman Sachs Group reduced their price target on shares of Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a research report on Monday, October 27th. Finally, HSBC set a $259.00 price objective on shares of Progressive and gave the stock an “underperform” rating in a report on Monday. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $265.96.

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.