Hillsdale Investment Management Inc. Makes New Investment in The Progressive Corporation $PGR

Hillsdale Investment Management Inc. purchased a new stake in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund purchased 11,740 shares of the insurance provider’s stock, valued at approximately $3,133,000.

Several other institutional investors have also recently modified their holdings of PGR. Vanguard Group Inc. boosted its position in Progressive by 0.9% in the second quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock valued at $14,548,217,000 after buying an additional 493,332 shares during the last quarter. Geode Capital Management LLC raised its position in Progressive by 2.0% during the 2nd quarter. Geode Capital Management LLC now owns 15,513,188 shares of the insurance provider’s stock worth $4,128,055,000 after buying an additional 301,371 shares during the last quarter. GQG Partners LLC lifted its stake in Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after acquiring an additional 3,174,632 shares during the period. Alliancebernstein L.P. lifted its stake in Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after acquiring an additional 1,091,828 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its holdings in shares of Progressive by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock valued at $1,805,642,000 after acquiring an additional 396,567 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts recently issued reports on PGR shares. Jefferies Financial Group cut shares of Progressive from a “buy” rating to a “hold” rating and reduced their target price for the stock from $261.00 to $232.00 in a report on Friday, November 14th. The Goldman Sachs Group reduced their price objective on Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Weiss Ratings reissued a “hold (c+)” rating on shares of Progressive in a report on Thursday. Wells Fargo & Company raised their target price on Progressive from $246.00 to $247.00 and gave the stock an “equal weight” rating in a report on Thursday. Finally, HSBC set a $259.00 price target on Progressive and gave the company an “underperform” rating in a report on Monday, November 17th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $266.52.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 41,987 shares of company stock worth $10,257,508 over the last 90 days. 0.34% of the stock is owned by insiders.

Progressive Price Performance

Shares of Progressive stock opened at $226.99 on Friday. The firm has a market cap of $133.11 billion, a PE ratio of 12.45, a P/E/G ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99. 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 business has a 50-day moving average price of $228.90 and a 200 day moving average price of $248.44.

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

About Progressive

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.