Intech Investment Management LLC Increases Holdings in The Progressive Corporation $PGR

Intech Investment Management LLC increased its position in The Progressive Corporation (NYSE:PGR) by 3.6% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 344,874 shares of the insurance provider’s stock after acquiring an additional 11,871 shares during the period. Progressive comprises about 0.9% of Intech Investment Management LLC’s investment portfolio, making the stock its 12th biggest holding. Intech Investment Management LLC’s holdings in Progressive were worth $92,033,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the company. Nuveen LLC purchased a new position in Progressive in the first quarter worth about $1,473,180,000. GQG Partners LLC lifted its stake in shares of Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares during the period. C WorldWide Group Holding A S boosted its holdings in shares of Progressive by 12,110.3% in the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock worth $353,374,000 after buying an additional 1,238,402 shares during the last quarter. Alliancebernstein L.P. grew its position in Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after buying an additional 1,091,828 shares during the period. Finally, Axiom Investors LLC DE purchased a new stake in Progressive during the first quarter valued at approximately $194,557,000. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. UBS Group decreased their target price on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Weiss Ratings reissued a “buy (b-)” rating on shares of Progressive in a report on Friday, October 31st. Barclays decreased their price objective on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research note on Monday, October 20th. Finally, Evercore ISI cut their price objective on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Seven research analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $266.46.

Progressive Stock Performance

NYSE PGR opened at $225.23 on Friday. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99. The business has a 50-day moving average price of $231.02 and a 200-day moving average price of $250.59. The firm has a market cap of $132.08 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same period last year, the business posted $3.58 EPS. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Insider Activity at Progressive

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the transaction, the chief executive officer 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. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $250.78, for a total value of $556,230.04. Following the completion of the sale, the insider directly owned 45,724 shares in the company, valued at $11,466,664.72. This trade represents a 4.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 51,782 shares of company stock valued at $12,708,788. Insiders own 0.34% of the company’s stock.

Progressive Profile

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.