AXQ Capital LP Buys Shares of 1,993 The Progressive Corporation $PGR

AXQ Capital LP bought a new position in The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm bought 1,993 shares of the insurance provider’s stock, valued at approximately $532,000.

Other institutional investors and hedge funds have also modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new stake in Progressive during the 2nd quarter worth about $33,000. Westside Investment Management Inc. increased its holdings in shares of 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 purchasing an additional 117 shares during the period. Ransom Advisory Ltd purchased a new stake in shares of Progressive in the first quarter worth approximately $35,000. Activest Wealth Management lifted its position 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 worth $37,000 after purchasing an additional 127 shares in the last quarter. Finally, Richardson Financial Services Inc. boosted its holdings in shares of Progressive by 1,885.7% during the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 30,659 shares of the business’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 transaction, the chief executive officer directly owned 476,286 shares in the company, valued at $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction that occurred on 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 sale, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This represents a 29.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 41,987 shares of company stock valued at $10,257,508. 0.34% of the stock is currently owned by insiders.

Progressive Trading Up 0.4%

Shares of PGR stock opened at $226.99 on Friday. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The firm’s fifty day simple moving average is $228.90 and its 200 day simple moving average is $248.44. The firm has a market capitalization of $133.11 billion, a P/E ratio of 12.45, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19.

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

Analyst Ratings Changes

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research note on Thursday, October 9th. Keefe, Bruyette & Woods dropped their price target on shares of Progressive from $262.00 to $246.00 and set a “market perform” rating on the stock in a research note on Wednesday, November 5th. Cantor Fitzgerald raised Progressive to a “hold” rating in a research report on Wednesday, August 13th. Evercore ISI lowered their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Finally, Wolfe Research started coverage on Progressive in a research report on Monday, September 15th. They issued a “peer perform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have issued 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, Progressive currently has a consensus rating of “Hold” and a consensus price target of $266.52.

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.