Integrated Quantitative Investments LLC Acquires Shares of 3,696 The Progressive Corporation $PGR

Integrated Quantitative Investments LLC bought a new stake in shares of The Progressive Corporation (NYSE:PGR) in the second quarter, HoldingsChannel reports. The institutional investor bought 3,696 shares of the insurance provider’s stock, valued at approximately $986,000.

A number of other hedge funds also recently modified their holdings of the stock. Brighton Jones LLC increased its stake in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new position in shares of Progressive in the 4th quarter valued at $269,000. Bison Wealth LLC increased its stake in shares of Progressive by 3.2% in the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the last quarter. Larson Financial Group LLC raised its holdings in shares of Progressive by 220.1% during the 1st quarter. Larson Financial Group LLC now owns 669 shares of the insurance provider’s stock worth $189,000 after buying an additional 460 shares in the last quarter. Finally, Kingsview Wealth Management LLC lifted its position in shares of Progressive by 2.4% during the 1st quarter. Kingsview Wealth Management LLC now owns 2,197 shares of the insurance provider’s stock worth $622,000 after buying an additional 52 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on PGR shares. Raymond James Financial lowered their target price on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research note on Friday, October 17th. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Progressive in a report on Friday, October 31st. Bank of America increased their price objective on shares of Progressive from $350.00 to $351.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Morgan Stanley set a $214.00 target price on shares of Progressive and gave the company an “underweight” rating in a research report on Monday, October 20th. Finally, UBS Group decreased their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. Seven investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and an average target price of $266.46.

Insider Activity

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the 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 sale, the chief executive officer directly owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 51,782 shares of company stock worth $12,708,788. 0.34% of the stock is owned by insiders.

Progressive Stock Performance

Shares of PGR stock opened at $225.23 on Friday. The stock has a market capitalization of $132.08 billion, a PE ratio of 12.36, a PEG ratio of 1.19 and a beta of 0.29. The business’s 50 day simple moving average is $231.02 and its 200 day simple moving average is $250.41. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99.

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

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.