Millennium Management LLC raised its stake in Progressive Corp (NYSE:PGR) by 224.7% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 294,795 shares of the insurance provider’s stock after buying an additional 204,002 shares during the quarter. Millennium Management LLC owned 0.05% of Progressive worth $22,772,000 at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. CIBC Asset Management Inc raised its holdings in shares of Progressive by 3.0% during the second quarter. CIBC Asset Management Inc now owns 57,954 shares of the insurance provider’s stock worth $4,632,000 after acquiring an additional 1,714 shares in the last quarter. D.A. Davidson & CO. increased its position in Progressive by 14.4% in the 2nd quarter. D.A. Davidson & CO. now owns 9,966 shares of the insurance provider’s stock worth $797,000 after purchasing an additional 1,254 shares during the last quarter. Point72 Hong Kong Ltd raised its stake in shares of Progressive by 25.1% during the 2nd quarter. Point72 Hong Kong Ltd now owns 11,681 shares of the insurance provider’s stock worth $934,000 after purchasing an additional 2,345 shares in the last quarter. Ibex Wealth Advisors raised its stake in shares of Progressive by 9.9% during the 2nd quarter. Ibex Wealth Advisors now owns 40,761 shares of the insurance provider’s stock worth $3,258,000 after purchasing an additional 3,655 shares in the last quarter. Finally, Davidson Investment Advisors raised its stake in shares of Progressive by 44.9% during the 3rd quarter. Davidson Investment Advisors now owns 119,570 shares of the insurance provider’s stock worth $9,237,000 after purchasing an additional 37,025 shares in the last quarter. Institutional investors own 78.39% of the company’s stock.
Several brokerages recently commented on PGR. Buckingham Research boosted their price target on Progressive from $74.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. ValuEngine lowered shares of Progressive from a “hold” rating to a “sell” rating in a research report on Monday, November 25th. Credit Suisse Group reduced their target price on shares of Progressive from $90.00 to $85.00 and set an “outperform” rating for the company in a research note on Friday, October 18th. Raymond James set a $93.00 target price on shares of Progressive and gave the company a “buy” rating in a research note on Thursday, September 26th. Finally, Evercore ISI assumed coverage on shares of Progressive in a research report on Thursday, October 17th. They issued an “in-line” rating and a $78.00 target price for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. Progressive currently has an average rating of “Hold” and a consensus price target of $82.50.
PGR opened at $71.65 on Tuesday. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.36 and a current ratio of 0.36. The company has a market cap of $42.71 billion, a PE ratio of 16.21, a price-to-earnings-growth ratio of 1.87 and a beta of 0.66. The stock has a 50-day moving average of $71.37 and a 200-day moving average of $77.09. Progressive Corp has a 52-week low of $56.71 and a 52-week high of $84.96.
Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.30 by $0.03. Progressive had a return on equity of 26.09% and a net margin of 8.69%. On average, research analysts predict that Progressive Corp will post 5.32 earnings per share for the current year.
In related news, CEO Susan Patricia Griffith sold 22,614 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $71.99, for a total transaction of $1,627,981.86. Following the completion of the transaction, the chief executive officer now owns 376,308 shares of the company’s stock, valued at approximately $27,090,412.92. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 5,000 shares of the stock in a transaction that occurred on Friday, October 18th. The shares were sold at an average price of $70.84, for a total value 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 disclosure for this sale can be found here. 0.39% of the stock is currently owned by insiders.
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.
See Also: Quiet Period
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.