Cambridge Investment Research Advisors Inc. Increases Stake in Progressive Corp (PGR)

Cambridge Investment Research Advisors Inc. lifted its stake in Progressive Corp (NYSE:PGR) by 2.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 84,779 shares of the insurance provider’s stock after buying an additional 1,851 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Progressive were worth $6,023,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Keybank National Association OH boosted its stake in shares of Progressive by 1.0% in the second quarter. Keybank National Association OH now owns 84,577 shares of the insurance provider’s stock worth $5,003,000 after buying an additional 837 shares during the last quarter. V Wealth Management LLC boosted its stake in shares of Progressive by 3.5% in the third quarter. V Wealth Management LLC now owns 25,842 shares of the insurance provider’s stock worth $1,839,000 after buying an additional 884 shares during the last quarter. State Treasurer State of Michigan boosted its stake in shares of Progressive by 0.5% in the second quarter. State Treasurer State of Michigan now owns 172,381 shares of the insurance provider’s stock worth $10,196,000 after buying an additional 900 shares during the last quarter. Trust Co. of Vermont boosted its stake in shares of Progressive by 82.4% in the second quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after buying an additional 906 shares during the last quarter. Finally, Metropolitan Life Insurance Co. NY boosted its stake in shares of Progressive by 0.8% in the second quarter. Metropolitan Life Insurance Co. NY now owns 116,500 shares of the insurance provider’s stock worth $6,891,000 after buying an additional 914 shares during the last quarter. Hedge funds and other institutional investors own 79.89% of the company’s stock.

A number of analysts have recently commented on PGR shares. Zacks Investment Research downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. Citigroup upped their target price on Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a research note on Thursday, August 16th. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, September 4th. Credit Suisse Group set a $79.00 target price on Progressive and gave the stock a “buy” rating in a research note on Tuesday, October 9th. Finally, Wells Fargo & Co set a $64.00 price target on Progressive and gave the stock a “hold” rating in a research report on Thursday, September 13th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $69.79.

In other news, insider John A. Barbagallo sold 50,000 shares of the firm’s stock in a transaction that occurred on Friday, October 26th. The stock was sold at an average price of $68.02, for a total value of $3,401,000.00. Following the transaction, the insider now owns 177,368 shares in the company, valued at $12,064,571.36. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.25, for a total value of $771,000.00. Following the completion of the transaction, the chief financial officer now owns 390,584 shares in the company, valued at approximately $25,095,022. The disclosure for this sale can be found here. Insiders have sold 124,600 shares of company stock worth $8,325,164 in the last quarter. 0.70% of the stock is currently owned by company insiders.

Shares of PGR stock opened at $73.19 on Friday. The company has a market cap of $40.65 billion, a price-to-earnings ratio of 27.83, a price-to-earnings-growth ratio of 1.99 and a beta of 0.71. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.34. Progressive Corp has a 12-month low of $50.18 and a 12-month high of $73.69.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.43. The company had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.43 billion. Progressive had a return on equity of 27.45% and a net margin of 9.42%. Progressive’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.38 earnings per share. On average, research analysts predict that Progressive Corp will post 4.81 EPS for the current year.

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Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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