Advisors Asset Management Inc. Acquires 2,691 Shares of The Progressive Corporation $PGR

Advisors Asset Management Inc. grew its stake in shares of The Progressive Corporation (NYSE:PGR) by 10.9% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 27,290 shares of the insurance provider’s stock after acquiring an additional 2,691 shares during the quarter. Advisors Asset Management Inc.’s holdings in Progressive were worth $7,283,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also modified their holdings of PGR. Brighton Jones LLC boosted its holdings in shares of Progressive by 15.6% during the 4th 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 purchased a new position in shares of Progressive during the 4th quarter valued at about $269,000. Bison Wealth LLC grew its stake in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after acquiring an additional 80 shares during the period. Texas Yale Capital Corp. bought a new stake in shares of Progressive during the 1st quarter valued at $213,000. Finally, LPL Financial LLC boosted its stake in shares of Progressive by 1.9% in the first quarter. LPL Financial LLC now owns 482,776 shares of the insurance provider’s stock worth $136,631,000 after acquiring an additional 9,099 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $226.19 on Wednesday. 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 stock’s 50 day simple moving average is $228.11 and its 200-day simple moving average is $247.35. The company has a market cap of $132.64 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last issued 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 for the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter in the previous year, the firm posted $3.58 earnings per share. As a group, equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the stock. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. JPMorgan Chase & Co. lifted their price target on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Wolfe Research assumed coverage on Progressive in a research report on Monday, September 15th. They issued a “peer perform” rating for the company. Keefe, Bruyette & Woods cut their target price on Progressive from $262.00 to $246.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 5th. Finally, UBS Group decreased their target price on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research report on Wednesday, October 8th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and a consensus target price of $266.52.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $228.29, for a total value of $307,050.05. Following the transaction, the insider directly owned 27,698 shares in the company, valued at $6,323,176.42. The trade was a 4.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the 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 transaction, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 43,332 shares of company stock valued at $10,564,558 over the last three months. 0.34% of the stock is currently owned by company insiders.

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.