Los Angeles Capital Management & Equity Research Inc. Increases Holdings in Progressive Corporation (The) (PGR)

Los Angeles Capital Management & Equity Research Inc. grew its position in Progressive Corporation (The) (NYSE:PGR) by 106.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,176,218 shares of the insurance provider’s stock after acquiring an additional 605,286 shares during the quarter. Los Angeles Capital Management & Equity Research Inc. owned 0.20% of Progressive Corporation (The) worth $56,952,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the business. Toronto Dominion Bank lifted its position in shares of Progressive Corporation (The) by 12.1% in the 3rd quarter. Toronto Dominion Bank now owns 220,687 shares of the insurance provider’s stock worth $10,684,000 after acquiring an additional 23,902 shares during the period. Dorsey Wright & Associates acquired a new position in shares of Progressive Corporation (The) in the 3rd quarter worth approximately $1,504,000. New York State Common Retirement Fund raised its holdings in shares of Progressive Corporation (The) by 1.3% in the 3rd quarter. New York State Common Retirement Fund now owns 1,556,400 shares of the insurance provider’s stock worth $75,361,000 after buying an additional 19,500 shares in the last quarter. CIBC Asset Management Inc raised its holdings in shares of Progressive Corporation (The) by 2.0% in the 3rd quarter. CIBC Asset Management Inc now owns 55,014 shares of the insurance provider’s stock worth $2,664,000 after buying an additional 1,058 shares in the last quarter. Finally, C WorldWide Group Holding A S acquired a new position in shares of Progressive Corporation (The) in the 3rd quarter worth approximately $1,375,000. Institutional investors own 77.82% of the company’s stock.

Progressive Corporation (NYSE PGR) traded up $0.11 during mid-day trading on Monday, reaching $50.75. The company had a trading volume of 1,292,300 shares, compared to its average volume of 3,089,104. Progressive Corporation has a 12-month low of $32.41 and a 12-month high of $51.00. The firm has a market cap of $29,517.92, a PE ratio of 22.16, a price-to-earnings-growth ratio of 2.93 and a beta of 0.92. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50.

Progressive Corporation (The) (NYSE:PGR) last released its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.07. The company had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $7.04 billion. Progressive Corporation (The) had a return on equity of 15.40% and a net margin of 5.41%. The business’s revenue for the quarter was up 18.1% on a year-over-year basis. During the same period last year, the firm earned $0.34 EPS. equities research analysts forecast that Progressive Corporation will post 2.36 earnings per share for the current year.

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A number of equities analysts have recently issued reports on PGR shares. ValuEngine raised Progressive Corporation (The) from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Wells Fargo & Company reissued a “hold” rating and issued a $45.00 target price on shares of Progressive Corporation (The) in a report on Tuesday, July 18th. Credit Suisse Group raised Progressive Corporation (The) from an “underperform” rating to a “neutral” rating and increased their target price for the stock from $42.00 to $48.00 in a report on Wednesday, September 20th. Buckingham Research started coverage on Progressive Corporation (The) in a report on Monday, September 11th. They issued an “underperform” rating and a $40.00 target price for the company. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $47.00 target price (up from $43.00) on shares of Progressive Corporation (The) in a report on Saturday, July 22nd. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. Progressive Corporation (The) currently has an average rating of “Hold” and an average price target of $46.44.

In other news, CMO M Jeffrey Charney sold 6,000 shares of Progressive Corporation (The) stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $49.50, for a total value of $297,000.00. Following the completion of the sale, the chief marketing officer now directly owns 102,038 shares of the company’s stock, valued at approximately $5,050,881. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Susan Patricia Griffith sold 35,000 shares of Progressive Corporation (The) stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $48.66, for a total value of $1,703,100.00. Following the completion of the sale, the insider now directly owns 221,715 shares of the company’s stock, valued at $10,788,651.90. The disclosure for this sale can be found here. Insiders sold a total of 107,250 shares of company stock valued at $5,220,983 over the last three months. Insiders own 0.56% of the company’s stock.

About Progressive Corporation (The)

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

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