GSA Capital Partners LLP lessened its holdings in Progressive Corp (NYSE:PGR) by 63.5% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 20,459 shares of the insurance provider’s stock after selling 35,648 shares during the quarter. GSA Capital Partners LLP’s holdings in Progressive were worth $1,453,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Capital Advisors Ltd. LLC raised its holdings in Progressive by 409.1% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock worth $105,000 after purchasing an additional 1,125 shares during the last quarter. ELM Advisors LLC bought a new position in Progressive during the 3rd quarter worth approximately $107,000. Harvest Fund Management Co. Ltd bought a new position in Progressive during the 3rd quarter worth approximately $112,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in Progressive by 8,571.8% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock worth $200,000 after purchasing an additional 3,343 shares during the last quarter. Finally, Woodmont Investment Counsel LLC bought a new position in Progressive during the 2nd quarter worth approximately $204,000. Institutional investors and hedge funds own 80.24% of the company’s stock.
Several research analysts have issued reports on the stock. UBS Group raised their price target on shares of Progressive from $70.00 to $78.00 and gave the stock a “buy” rating in a report on Wednesday, September 19th. Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. B. Riley raised their price target on shares of Progressive from $68.00 to $71.00 and gave the stock a “neutral” rating in a report on Monday, October 8th. Wells Fargo & Co set a $69.00 price target on shares of Progressive and gave the stock a “hold” rating in a report on Tuesday, October 16th. Finally, ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Progressive presently has an average rating of “Hold” and a consensus price target of $70.93.
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 shares were sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the completion of the sale, the insider now owns 177,368 shares of the company’s stock, valued at approximately $12,064,571.36. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $64.87, for a total transaction of $817,362.00. Following the sale, the insider now directly owns 253,256 shares of the company’s stock, valued at approximately $16,428,716.72. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.
Shares of PGR stock opened at $63.42 on Friday. The company has a market cap of $37.76 billion, a PE ratio of 13.59, a P/E/G ratio of 1.86 and a beta of 0.68. Progressive Corp has a 52 week low of $50.79 and a 52 week high of $73.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, topping the consensus estimate of $1.14 by $0.43. The company had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the firm posted $0.38 EPS. On average, sell-side analysts expect that Progressive Corp will post 4.75 earnings per share for the current fiscal year.
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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