Gamble Jones Investment Counsel Purchases 2,400 Shares of Progressive Corp (NYSE:PGR)

Gamble Jones Investment Counsel raised its position in Progressive Corp (NYSE:PGR) by 12.7% during the third quarter, according to its most recent 13F filing with the SEC. The fund owned 21,350 shares of the insurance provider’s stock after buying an additional 2,400 shares during the period. Gamble Jones Investment Counsel’s holdings in Progressive were worth $1,649,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. CIBC Asset Management Inc boosted its position in Progressive by 3.0% in the 2nd quarter. CIBC Asset Management Inc now owns 57,954 shares of the insurance provider’s stock valued at $4,632,000 after buying an additional 1,714 shares during the last quarter. D.A. Davidson & CO. lifted its stake in shares of Progressive by 14.4% in the 2nd quarter. D.A. Davidson & CO. now owns 9,966 shares of the insurance provider’s stock valued at $797,000 after purchasing an additional 1,254 shares during the period. Point72 Hong Kong Ltd lifted its stake in shares of Progressive by 25.1% in the 2nd quarter. Point72 Hong Kong Ltd now owns 11,681 shares of the insurance provider’s stock valued at $934,000 after purchasing an additional 2,345 shares during the period. Ibex Wealth Advisors lifted its stake in shares of Progressive by 9.9% in the 2nd quarter. Ibex Wealth Advisors now owns 40,761 shares of the insurance provider’s stock valued at $3,258,000 after purchasing an additional 3,655 shares during the period. Finally, Arden Trust Co acquired a new position in shares of Progressive in the 2nd quarter valued at $613,000. Hedge funds and other institutional investors own 78.67% of the company’s stock.

A number of research analysts have recently weighed in on PGR shares. Raymond James set a $93.00 price target on Progressive and gave the company a “buy” rating in a research note on Thursday, September 26th. Barclays set a $90.00 price target on Progressive and gave the company a “buy” rating in a research note on Friday, September 13th. Credit Suisse Group cut their price target on Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. Wells Fargo & Co reissued a “hold” rating and issued a $76.00 price target on shares of Progressive in a research note on Thursday. Finally, UBS Group increased their price target on Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, July 29th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $82.64.

In related news, insider Steven Broz sold 5,000 shares of the firm’s stock in a transaction on Friday, October 18th. The stock was sold at an average price of $70.84, for a total transaction of $354,200.00. Following the sale, the insider now owns 25,295 shares of the company’s stock, valued at approximately $1,791,897.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 22,500 shares of the firm’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $76.47, for a total value of $1,720,575.00. Following the sale, the chief executive officer now directly owns 352,795 shares in the company, valued at approximately $26,978,233.65. The disclosure for this sale can be found here. Insiders have sold a total of 39,500 shares of company stock worth $3,005,735 in the last ninety days. 0.39% of the stock is currently owned by company insiders.

Progressive stock traded up $1.11 during mid-day trading on Friday, hitting $73.67. 5,105,250 shares of the company’s stock were exchanged, compared to its average volume of 3,089,688. The firm has a market capitalization of $40.28 billion, a P/E ratio of 16.67, a PEG ratio of 1.75 and a beta of 0.65. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $84.96. The company has a quick ratio of 0.36, a current ratio of 0.42 and a debt-to-equity ratio of 0.31. The company’s 50 day simple moving average is $73.13 and its 200-day simple moving average is $77.38.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Thursday, November 7th. The insurance provider reported $1.33 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.03. Progressive had a return on equity of 25.83% and a net margin of 8.69%. Research analysts expect that Progressive Corp will post 5.37 EPS for the current year.

Progressive 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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