Guggenheim Capital LLC lifted its position in shares of Progressive Corp (NYSE:PGR) by 27.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,355,094 shares of the insurance provider’s stock after acquiring an additional 294,132 shares during the quarter. Guggenheim Capital LLC owned approximately 0.23% of Progressive worth $76,320,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in PGR. Alps Advisors Inc. increased its holdings in Progressive by 20.8% in the third quarter. Alps Advisors Inc. now owns 12,311 shares of the insurance provider’s stock valued at $596,000 after purchasing an additional 2,123 shares during the last quarter. Sei Investments Co. increased its holdings in Progressive by 52.7% in the third quarter. Sei Investments Co. now owns 308,329 shares of the insurance provider’s stock valued at $14,928,000 after purchasing an additional 106,428 shares during the last quarter. C WorldWide Group Holding A S bought a new stake in Progressive in the third quarter valued at about $1,375,000. CIBC Asset Management Inc increased its holdings in Progressive by 2.0% in the third quarter. CIBC Asset Management Inc now owns 55,014 shares of the insurance provider’s stock valued at $2,664,000 after purchasing an additional 1,058 shares during the last quarter. Finally, New York State Common Retirement Fund increased its holdings in Progressive by 1.3% in the third quarter. New York State Common Retirement Fund now owns 1,556,400 shares of the insurance provider’s stock valued at $75,361,000 after purchasing an additional 19,500 shares during the last quarter. Institutional investors own 81.11% of the company’s stock.
In related news, insider William M. Cody sold 25,000 shares of the stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the transaction, the insider now directly owns 137,722 shares of the company’s stock, valued at $7,726,204.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.56% of the company’s stock.
Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.02. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The company had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the prior year, the firm earned $0.66 earnings per share. Progressive’s revenue for the quarter was up 21.6% compared to the same quarter last year. research analysts anticipate that Progressive Corp will post 3.52 EPS for the current fiscal year.
A number of equities research analysts recently commented on the company. UBS Group reiterated a “buy” rating and issued a $62.00 price objective on shares of Progressive in a report on Friday, December 1st. Wells Fargo & Co set a $57.00 price objective on Progressive and gave the company a “hold” rating in a report on Wednesday, February 14th. Zacks Investment Research cut Progressive from a “buy” rating to a “hold” rating in a research note on Tuesday, March 6th. MKM Partners boosted their target price on Progressive to $60.00 and gave the company a “buy” rating in a research note on Thursday, November 16th. Finally, Goldman Sachs Group assumed coverage on Progressive in a research note on Monday, December 4th. They issued a “buy” rating and a $57.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $50.65.
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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