The Progressive Corporation $PGR Shares Purchased by Edgestream Partners L.P.

Edgestream Partners L.P. boosted its position in The Progressive Corporation (NYSE:PGR) by 420.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 4,170 shares of the insurance provider’s stock after purchasing an additional 3,368 shares during the period. Edgestream Partners L.P.’s holdings in Progressive were worth $1,113,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. New York Life Investment Management LLC boosted its position in shares of Progressive by 1.4% in the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after buying an additional 1,192 shares during the period. Baron Silver Stevens Financial Advisors LLC acquired a new position in Progressive during the second quarter valued at $306,000. Wakefield Asset Management LLLP lifted its stake in Progressive by 199.0% in the 2nd quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock worth $2,511,000 after acquiring an additional 6,263 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new stake in Progressive during the 2nd quarter worth about $13,583,000. Finally, Whalen Wealth Management Inc. purchased a new position in Progressive during the 2nd quarter valued at about $647,000. 85.34% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on PGR. Wolfe Research started coverage on shares of Progressive in a report on Monday, September 15th. They set a “peer perform” rating on the stock. Bank of America lowered their target price on Progressive from $351.00 to $346.00 and set a “buy” rating on the stock in a research note on Wednesday, November 19th. Barclays reduced their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Morgan Stanley set a $214.00 price objective on Progressive and gave the stock an “underweight” rating in a report on Monday, October 20th. Finally, Jefferies Financial Group cut shares of Progressive from a “buy” rating to a “hold” rating and reduced their target price for the company from $261.00 to $232.00 in a research note on Friday, November 14th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $266.52.

Progressive Trading Down 1.9%

Shares of Progressive stock opened at $222.85 on Friday. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The company’s fifty day simple moving average is $225.88 and its 200-day simple moving average is $244.78. The company has a market cap of $130.68 billion, a price-to-earnings ratio of 12.22, a PEG ratio of 1.01 and a beta of 0.36. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last posted 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). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same period last year, the company earned $3.58 EPS. As a group, sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares in the company, valued at $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 is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated 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 transaction, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 17,673 shares of company stock worth $4,163,005 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

About Progressive

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.