Acadian Asset Management LLC Has $42.01 Million Holdings in The Progressive Corporation $PGR

Acadian Asset Management LLC boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 1,315.0% in the second quarter, according to its most recent filing with the SEC. The firm owned 157,447 shares of the insurance provider’s stock after acquiring an additional 146,320 shares during the period. Acadian Asset Management LLC’s holdings in Progressive were worth $42,012,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of the company. TruNorth Capital Management LLC raised its stake in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after buying an additional 63 shares during the period. Atlantic Union Bankshares Corp acquired a new position in Progressive during the second quarter worth approximately $33,000. Westside Investment Management Inc. grew its stake in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after buying an additional 117 shares during the last quarter. Ransom Advisory Ltd bought a new position in Progressive during the 1st quarter worth $35,000. Finally, Activest Wealth Management boosted its stake in shares of Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after buying an additional 127 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Ratings Changes

Several analysts recently weighed in on PGR shares. Keefe, Bruyette & Woods reduced their price objective on Progressive from $262.00 to $246.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 5th. UBS Group reduced their price objective on Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. Wolfe Research initiated coverage on Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. Jefferies Financial Group reduced their target price on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a report on Monday, August 11th. Finally, Citigroup reduced their target price on shares of Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research report on Thursday, October 16th. Eight analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $269.90.

Insider Activity at Progressive

In other news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the transaction, the insider owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. The trade was a 4.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of the firm’s stock in a transaction that occurred on Tuesday, September 2nd. The shares were 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 $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 58,500 shares of company stock valued at $14,430,089 in the last ninety days. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Performance

Progressive stock opened at $217.16 on Monday. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $127.34 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The firm’s 50 day simple moving average is $233.53 and its 200 day simple moving average is $251.96.

Progressive (NYSE:PGR) last announced its quarterly earnings results 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 firm had revenue of $21.38 billion during the quarter, compared to the consensus estimate 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 earned $3.58 earnings per share. As a group, analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Company 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.