Strategy Asset Managers LLC purchased a new position in Progressive Corp (NYSE:PGR) in the third quarter, according to the company in its most recent Form 13F filing with the SEC. The fund purchased 44,979 shares of the insurance provider’s stock, valued at approximately $3,195,000.
Other hedge funds also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC grew its stake in Progressive by 409.1% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock worth $105,000 after buying an additional 1,125 shares in the last quarter. ELM Advisors LLC purchased a new position in Progressive in the 3rd quarter worth approximately $107,000. Harvest Fund Management Co. Ltd purchased a new position in Progressive in the 3rd quarter worth approximately $112,000. Trust Co. of Vermont grew its stake in Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after buying an additional 906 shares in the last quarter. Finally, Cerebellum GP LLC purchased a new position in Progressive in the 2nd quarter worth approximately $168,000. 79.85% of the stock is owned by institutional investors and hedge funds.
In related news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $64.25, for a total transaction of $771,000.00. Following the completion of the sale, the chief financial officer now directly owns 390,584 shares in the company, valued at approximately $25,095,022. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider William M. Cody sold 50,000 shares of the company’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $66.90, for a total transaction of $3,345,000.00. Following the sale, the insider now owns 116,838 shares of the company’s stock, valued at $7,816,462.20. The disclosure for this sale can be found here. Insiders have sold a total of 124,600 shares of company stock valued at $8,325,164 over the last quarter. 0.70% of the stock is currently owned by company insiders.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.43. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.43 billion. During the same period in the prior year, the business posted $0.38 EPS. The firm’s revenue was up 20.5% compared to the same quarter last year. Equities research analysts expect that Progressive Corp will post 4.8 earnings per share for the current year.
PGR has been the subject of a number of research reports. Wells Fargo & Co reissued a “hold” rating and issued a $64.00 price target on shares of Progressive in a research note on Wednesday, August 15th. MKM Partners boosted their price objective on shares of Progressive to $85.00 and gave the stock a “buy” rating in a report on Wednesday, September 26th. Citigroup lowered their price objective on shares of Progressive from $66.00 to $63.00 and set a “neutral” rating for the company in a report on Thursday, July 12th. Credit Suisse Group set a $79.00 price objective on shares of Progressive and gave the stock a “buy” rating in a report on Friday. Finally, ValuEngine lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company’s stock. Progressive has a consensus rating of “Hold” and an average target price of $68.64.
Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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