Archer Investment Corp Has $70,000 Holdings in The Progressive Co. (NYSE:PGR)

Archer Investment Corp lessened its holdings in The Progressive Co. (NYSE:PGR) by 86.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 532 shares of the insurance provider’s stock after selling 3,300 shares during the period. Archer Investment Corp’s holdings in Progressive were worth $70,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also modified their holdings of the company. CHICAGO TRUST Co NA lifted its stake in shares of Progressive by 3.3% in the 2nd quarter. CHICAGO TRUST Co NA now owns 10,644 shares of the insurance provider’s stock valued at $1,409,000 after purchasing an additional 341 shares during the last quarter. Handelsbanken Fonder AB lifted its stake in shares of Progressive by 6.5% in the 1st quarter. Handelsbanken Fonder AB now owns 183,350 shares of the insurance provider’s stock valued at $26,230,000 after purchasing an additional 11,176 shares during the last quarter. EA Series Trust acquired a new stake in shares of Progressive in the 2nd quarter valued at $3,189,000. ExodusPoint Capital Management LP acquired a new stake in shares of Progressive in the 1st quarter valued at $2,714,000. Finally, Van Hulzen Asset Management LLC lifted its stake in shares of Progressive by 5.9% in the 2nd quarter. Van Hulzen Asset Management LLC now owns 79,700 shares of the insurance provider’s stock valued at $10,550,000 after purchasing an additional 4,413 shares during the last quarter. Institutional investors and hedge funds own 83.66% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $160.39 on Friday. The stock has a market cap of $93.83 billion, a P/E ratio of 34.79, a PEG ratio of 1.21 and a beta of 0.43. The company’s 50-day simple moving average is $147.27 and its 200 day simple moving average is $135.94. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $161.72. The company has a quick ratio of 0.33, a current ratio of 0.33 and a debt-to-equity ratio of 0.41.

Progressive (NYSE:PGR) last posted its earnings results on Friday, October 13th. The insurance provider reported $2.09 earnings per share for the quarter, beating analysts’ consensus estimates of $1.71 by $0.38. The business had revenue of $15.71 billion for the quarter, compared to analysts’ expectations of $15.66 billion. Progressive had a net margin of 4.67% and a return on equity of 17.36%. As a group, research analysts forecast that The Progressive Co. will post 5.33 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research analysts have weighed in on PGR shares. Barclays boosted their target price on shares of Progressive from $107.00 to $109.00 and gave the stock an “underweight” rating in a research report on Thursday, August 17th. BMO Capital Markets raised shares of Progressive from a “market perform” rating to an “outperform” rating and boosted their target price for the stock from $155.00 to $180.00 in a research report on Wednesday, October 25th. Morgan Stanley raised shares of Progressive from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $135.00 to $160.00 in a research report on Wednesday, November 1st. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $146.00 to $149.00 and gave the stock an “overweight” rating in a research report on Monday, October 2nd. Finally, Roth Mkm reissued a “buy” rating and set a $165.00 target price on shares of Progressive in a research report on Monday, September 18th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and ten have assigned a buy rating to the company. According to data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average price target of $159.53.

Insider Activity at Progressive

In related news, Director Stuart B. Burgdoerfer sold 6,720 shares of the company’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $155.30, for a total value of $1,043,616.00. Following the sale, the director now owns 14,039 shares of the company’s stock, valued at $2,180,256.70. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Progressive news, Director Stuart B. Burgdoerfer sold 6,720 shares of the company’s stock in a transaction dated Tuesday, October 24th. The shares were sold at an average price of $155.30, for a total transaction of $1,043,616.00. Following the sale, the director now directly owns 14,039 shares of the company’s stock, valued at $2,180,256.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Daniel P. Mascaro sold 1,570 shares of the company’s stock in a transaction dated Monday, September 18th. The stock was sold at an average price of $140.39, for a total transaction of $220,412.30. Following the sale, the insider now directly owns 31,706 shares in the company, valued at $4,451,205.34. The disclosure for this sale can be found here. Insiders have sold a total of 69,021 shares of company stock valued at $9,594,007 over the last quarter. 0.34% of the stock is owned by company insiders.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.