Progressive Corp (PGR) Stake Decreased by Marshall Wace LLP

Marshall Wace LLP decreased its holdings in Progressive Corp (NYSE:PGR) by 36.6% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 299,169 shares of the insurance provider’s stock after selling 172,798 shares during the period. Marshall Wace LLP owned 0.05% of Progressive worth $21,253,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Capital Advisors Ltd. LLC boosted its stake in Progressive by 409.1% during the third quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock valued at $105,000 after buying an additional 1,125 shares during the last quarter. ELM Advisors LLC bought a new position in Progressive during the third quarter valued at approximately $107,000. Harvest Fund Management Co. Ltd bought a new position in Progressive during the third quarter valued at approximately $112,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Progressive by 8,571.8% during the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock valued at $200,000 after buying an additional 3,343 shares during the last quarter. Finally, Woodmont Investment Counsel LLC bought a new position in Progressive during the second quarter valued at approximately $204,000. 80.24% of the stock is owned by hedge funds and other institutional investors.

Shares of PGR stock opened at $63.42 on Friday. Progressive Corp has a 1 year low of $50.79 and a 1 year high of $73.69. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.34. The company has a market cap of $37.76 billion, a price-to-earnings ratio of 24.11, a P/E/G ratio of 1.86 and a beta of 0.68.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The business had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.43 billion. During the same period in the prior year, the business posted $0.38 earnings per share. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. On average, equities research analysts anticipate that Progressive Corp will post 4.75 earnings per share for the current fiscal year.

In other news, insider Susan Patricia Griffith sold 12,600 shares of the stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $64.87, for a total value of $817,362.00. Following the sale, the insider now directly owns 253,256 shares in the company, valued at $16,428,716.72. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider John A. Barbagallo sold 50,000 shares of the 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 completion of the sale, the insider now owns 177,368 shares in the company, valued at $12,064,571.36. The disclosure for this sale can be found here. Corporate insiders own 0.70% of the company’s stock.

A number of brokerages recently commented on PGR. Morgan Stanley raised Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price target for the company in a research note on Wednesday, November 7th. Barclays increased their price target on Progressive from $59.00 to $67.00 and gave the company an “underweight” rating in a research note on Monday, November 12th. Credit Suisse Group set a $79.00 price target on Progressive and gave the company a “buy” rating in a research note on Wednesday, November 14th. Citigroup increased their price target on Progressive from $70.00 to $73.00 and gave the company a “neutral” rating in a research note on Friday, October 12th. Finally, ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has given a strong buy rating to the company. Progressive presently has an average rating of “Hold” and a consensus price target of $70.93.

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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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