Stone Ridge Asset Management LLC purchased a new position in shares of Progressive Corp (NYSE:PGR) in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor purchased 53,327 shares of the insurance provider’s stock, valued at approximately $3,003,000.
A number of other large investors have also modified their holdings of PGR. Exane Derivatives acquired a new stake in Progressive during the 4th quarter worth $104,000. Valeo Financial Advisors LLC boosted its stake in Progressive by 13,675.2% during the 4th quarter. Valeo Financial Advisors LLC now owns 84,029 shares of the insurance provider’s stock worth $118,000 after purchasing an additional 83,419 shares during the period. Balentine LLC boosted its stake in Progressive by 3,273.0% during the 3rd quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock worth $121,000 after purchasing an additional 2,422 shares during the period. First Personal Financial Services boosted its stake in Progressive by 101.8% during the 4th quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock worth $124,000 after purchasing an additional 1,111 shares during the period. Finally, Tiedemann Wealth Management LLC acquired a new stake in Progressive during the 3rd quarter worth $200,000. Hedge funds and other institutional investors own 81.11% of the company’s stock.
Progressive Corp (PGR) opened at $60.37 on Monday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.36. The stock has a market cap of $35,152.00, a PE ratio of 22.19, a PEG ratio of 2.34 and a beta of 0.71. Progressive Corp has a twelve month low of $38.61 and a twelve month high of $60.38.
A number of analysts recently weighed in on PGR shares. Wells Fargo & Co set a $50.00 price target on shares of Progressive and gave the stock a “hold” rating in a research note on Wednesday, November 15th. B. Riley reiterated a “hold” rating and set a $46.00 price target on shares of Progressive in a research note on Wednesday, November 15th. MKM Partners upped their price objective on shares of Progressive to $60.00 and gave the stock a “buy” rating in a research report on Thursday, November 16th. Keefe, Bruyette & Woods restated a “buy” rating and set a $58.00 price objective on shares of Progressive in a research report on Friday, November 17th. Finally, UBS Group restated a “buy” rating and set a $62.00 price objective on shares of Progressive in a research report on Friday, December 1st. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $50.65.
In other news, insider William M. Cody sold 25,000 shares of the stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the transaction, the insider now owns 137,722 shares in the company, valued at approximately $7,726,204.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.56% of the company’s stock.
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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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