HBK Investments L P decreased its holdings in shares of Progressive Corp (NYSE:PGR) by 36.4% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 155,531 shares of the insurance provider’s stock after selling 89,069 shares during the quarter. HBK Investments L P’s holdings in Progressive were worth $8,760,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of the business. Lockheed Martin Investment Management Co. acquired a new position in shares of Progressive in the third quarter valued at approximately $872,000. Ameriprise Financial Inc. increased its stake in shares of Progressive by 85.5% in the third quarter. Ameriprise Financial Inc. now owns 880,067 shares of the insurance provider’s stock valued at $42,613,000 after buying an additional 405,643 shares during the period. Brown Advisory Inc. increased its stake in shares of Progressive by 8.3% in the third quarter. Brown Advisory Inc. now owns 46,734 shares of the insurance provider’s stock valued at $2,262,000 after buying an additional 3,580 shares during the period. Cortland Associates Inc. MO acquired a new position in shares of Progressive in the fourth quarter valued at approximately $349,000. Finally, Sumitomo Mitsui Trust Holdings Inc. increased its stake in shares of Progressive by 10.4% in the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,903,768 shares of the insurance provider’s stock valued at $92,180,000 after buying an additional 178,770 shares during the period. 81.11% of the stock is owned by hedge funds and other institutional investors.
PGR has been the subject of several recent research reports. MKM Partners upped their price objective on Progressive to $65.00 and gave the company a “buy” rating in a research note on Friday, December 15th. Wells Fargo & Co set a $55.00 price objective on Progressive and gave the company a “hold” rating in a research note on Wednesday, December 13th. Credit Suisse Group reaffirmed a “hold” rating and issued a $48.00 price objective on shares of Progressive in a research note on Friday, December 15th. Goldman Sachs Group initiated coverage on Progressive in a research note on Monday, December 4th. They issued a “buy” rating and a $57.00 price objective for the company. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $60.00 price objective on shares of Progressive in a research note on Wednesday, December 6th. Two analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have issued a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $50.65.
Shares of Progressive Corp (NYSE PGR) opened at $60.01 on Wednesday. Progressive Corp has a twelve month low of $38.61 and a twelve month high of $60.69. The company has a market capitalization of $34,919.09, a P/E ratio of 24.38, a P/E/G ratio of 2.33 and a beta of 0.71. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.36.
Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 EPS for the quarter, beating the Thomson Reuters’ 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 business had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same period in the prior year, the business posted $0.66 earnings per share. The firm’s revenue was up 21.6% on a year-over-year basis. equities analysts predict that Progressive Corp will post 3.52 EPS for the current fiscal year.
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Progressive Company Profile
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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