The Progressive Corporation $PGR Shares Bought by Arrowstreet Capital Limited Partnership

Arrowstreet Capital Limited Partnership increased its stake in The Progressive Corporation (NYSE:PGR) by 1,210.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 171,029 shares of the insurance provider’s stock after acquiring an additional 157,978 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Progressive were worth $45,641,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Atlantic Union Bankshares Corp acquired a new stake in Progressive in the 2nd quarter valued at about $33,000. Westside Investment Management Inc. increased its stake in shares of Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares during the period. Ransom Advisory Ltd purchased a new stake in shares of Progressive during the first quarter worth approximately $35,000. Activest Wealth Management raised its holdings in 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 acquiring an additional 127 shares in the last quarter. Finally, Richardson Financial Services Inc. lifted its stake in Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Progressive news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $536,977.80. Following the transaction, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Patrick K. Callahan sold 6,420 shares of the company’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 sale, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 17,673 shares of company stock valued at $4,163,005. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have commented on PGR. Citigroup dropped their price objective on shares of Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Evercore ISI dropped their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. The Goldman Sachs Group decreased their price target on Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a report on Monday, October 27th. HSBC set a $259.00 price objective on Progressive and gave the company an “underperform” rating in a report on Monday, November 17th. Finally, Barclays decreased their target price on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research note on Monday, October 20th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $266.52.

Progressive Trading Down 1.9%

NYSE PGR opened at $222.85 on Friday. The firm’s fifty day moving average is $225.88 and its two-hundred day moving average is $244.78. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29. The firm has a market cap of $130.68 billion, a PE ratio of 12.22, a P/E/G ratio of 1.01 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The business had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter last year, the company posted $3.58 EPS. Analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current 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.