BlueCrest Capital Management Ltd reduced its position in Progressive Corp (NYSE:PGR) by 74.0% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 20,479 shares of the insurance provider’s stock after selling 58,407 shares during the period. BlueCrest Capital Management Ltd’s holdings in Progressive were worth $1,153,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Profund Advisors LLC raised its holdings in Progressive by 40.6% in the 4th quarter. Profund Advisors LLC now owns 19,280 shares of the insurance provider’s stock worth $1,086,000 after acquiring an additional 5,571 shares during the last quarter. Renaissance Technologies LLC raised its holdings in Progressive by 11.8% in the 4th quarter. Renaissance Technologies LLC now owns 4,984,700 shares of the insurance provider’s stock worth $280,738,000 after acquiring an additional 525,300 shares during the last quarter. New Vernon Investment Management LLC raised its holdings in Progressive by 7.2% in the 4th quarter. New Vernon Investment Management LLC now owns 73,007 shares of the insurance provider’s stock worth $4,112,000 after acquiring an additional 4,887 shares during the last quarter. Koch Industries Inc. purchased a new position in Progressive in the 4th quarter worth approximately $262,000. Finally, 12th Street Asset Management Company LLC purchased a new position in Progressive in the 4th quarter worth approximately $16,985,000. Institutional investors own 81.11% of the company’s stock.
In other news, insider William M. Cody sold 25,000 shares of the business’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the sale, the insider now owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders own 0.56% of the company’s stock.
Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The firm had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.62 billion. During the same quarter in the previous year, the firm posted $0.66 EPS. The company’s revenue for the quarter was up 21.6% compared to the same quarter last year. sell-side analysts forecast that Progressive Corp will post 3.52 earnings per share for the current year.
A number of equities analysts recently weighed in on PGR shares. Keefe, Bruyette & Woods restated a “buy” rating and issued a $58.00 price objective on shares of Progressive in a report on Friday, November 17th. B. Riley reaffirmed a “hold” rating and issued a $46.00 target price on shares of Progressive in a research report on Wednesday, November 15th. Credit Suisse Group reaffirmed a “hold” rating and issued a $48.00 target price on shares of Progressive in a research report on Friday, December 15th. MKM Partners lifted their target price on shares of Progressive from $55.00 to $65.00 and gave the stock a “buy” rating in a research report on Thursday, January 25th. Finally, Wells Fargo & Co set a $50.00 target price on shares of Progressive and gave the stock a “hold” rating in a research report on Wednesday, November 15th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Progressive currently has a consensus rating of “Hold” and a consensus target price 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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