1832 Asset Management L.P. Decreases Stock Holdings in The Progressive Corporation $PGR

1832 Asset Management L.P. lessened its holdings in The Progressive Corporation (NYSE:PGR) by 37.6% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 723,699 shares of the insurance provider’s stock after selling 436,603 shares during the quarter. 1832 Asset Management L.P. owned approximately 0.12% of Progressive worth $193,126,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new stake in shares of Progressive during the 2nd quarter worth about $33,000. Westside Investment Management Inc. increased its stake in Progressive by 900.0% in the second 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 last quarter. Ransom Advisory Ltd acquired a new stake in Progressive during the first quarter worth approximately $35,000. Activest Wealth Management lifted its position in shares of Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares during the last quarter. Finally, Richardson Financial Services Inc. lifted its position in shares of Progressive by 1,885.7% during the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after buying an additional 132 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several brokerages recently commented on PGR. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a research note on Wednesday, November 26th. Morgan Stanley set a $214.00 price objective on Progressive and gave the stock an “underweight” rating in a report on Monday, October 20th. JPMorgan Chase & Co. boosted their target price on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Wells Fargo & Company upped their target price on Progressive from $246.00 to $247.00 and gave the company an “equal weight” rating in a research report on Thursday, November 20th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 17th. One 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 stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $266.52.

Insider Activity at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares in the company, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The stock was sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the sale, the chief financial officer owned 223,024 shares in the company, valued at approximately $50,956,523.52. This represents a 2.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,673 shares of company stock worth $4,163,005 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.4%

NYSE:PGR opened at $228.62 on Wednesday. The stock has a fifty day moving average price of $226.85 and a two-hundred day moving average price of $245.49. The stock has a market capitalization of $134.06 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.19 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. 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 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). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The company had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter in the previous year, the firm posted $3.58 earnings per share. As a group, sell-side analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal 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.