Stone Ridge Asset Management LLC purchased a new stake in Progressive Corp (NYSE:PGR) in the fourth quarter, HoldingsChannel.com reports. The fund purchased 53,327 shares of the insurance provider’s stock, valued at approximately $3,003,000.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Lockheed Martin Investment Management Co. purchased a new position in shares of Progressive in the 3rd quarter valued at about $872,000. Ameriprise Financial Inc. increased its holdings in shares of Progressive by 85.5% in the 3rd quarter. Ameriprise Financial Inc. now owns 880,067 shares of the insurance provider’s stock valued at $42,613,000 after purchasing an additional 405,643 shares in the last quarter. Brown Advisory Inc. increased its holdings in Progressive by 8.3% during the 3rd quarter. Brown Advisory Inc. now owns 46,734 shares of the insurance provider’s stock valued at $2,262,000 after acquiring an additional 3,580 shares in the last quarter. Cortland Associates Inc. MO purchased a new position in Progressive during the 4th quarter valued at about $349,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its holdings in Progressive by 10.4% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,903,768 shares of the insurance provider’s stock valued at $92,180,000 after acquiring an additional 178,770 shares in the last quarter. Institutional investors and hedge funds own 81.11% of the company’s stock.
In other Progressive news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the sale, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is owned by company insiders.
Shares of Progressive Corp (NYSE:PGR) opened at $60.37 on Monday. Progressive Corp has a 12 month low of $38.61 and a 12 month high of $60.38. The stock has a market cap of $35,152.00, a PE ratio of 22.19, a price-to-earnings-growth ratio of 2.34 and a beta of 0.71. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.36.
Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The company had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same period last year, the company earned $0.66 EPS. The firm’s revenue for the quarter was up 21.6% compared to the same quarter last year. sell-side analysts predict that Progressive Corp will post 3.52 earnings per share for the current fiscal year.
ILLEGAL ACTIVITY NOTICE: This report was posted by Markets Daily and is the sole property of of Markets Daily. If you are accessing this report on another site, it was copied illegally and reposted in violation of international trademark and copyright law. The correct version of this report can be read at https://www.themarketsdaily.com/2018/03/12/stone-ridge-asset-management-llc-purchases-new-holdings-in-progressive-corp-pgr.html.
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.
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.