King Luther Capital Management Corp Makes New $202,000 Investment in The Progressive Co. (NYSE:PGR)

King Luther Capital Management Corp bought a new position in The Progressive Co. (NYSE:PGRGet Rating) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 1,741 shares of the insurance provider’s stock, valued at approximately $202,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. NorthRock Partners LLC bought a new stake in shares of Progressive in the 2nd quarter worth approximately $232,000. Oak Thistle LLC acquired a new stake in shares of Progressive during the first quarter valued at approximately $239,000. First Republic Investment Management Inc. raised its holdings in shares of Progressive by 9.6% during the first quarter. First Republic Investment Management Inc. now owns 630,991 shares of the insurance provider’s stock valued at $71,927,000 after acquiring an additional 55,106 shares during the period. Offit Capital Advisors LLC acquired a new stake in shares of Progressive during the first quarter valued at approximately $418,000. Finally, Ellevest Inc. raised its holdings in shares of Progressive by 244.0% during the second quarter. Ellevest Inc. now owns 891 shares of the insurance provider’s stock valued at $104,000 after acquiring an additional 632 shares during the period. 85.05% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Credit Suisse Group boosted their price target on shares of Progressive from $124.00 to $127.00 and gave the company a “neutral” rating in a report on Thursday, August 18th. TheStreet upgraded shares of Progressive from a “c+” rating to a “b-” rating in a report on Friday, November 4th. Morgan Stanley boosted their price objective on shares of Progressive from $121.00 to $130.00 and gave the company an “equal weight” rating in a research report on Friday, August 19th. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Friday, October 14th. Finally, Jefferies Financial Group raised shares of Progressive from a “hold” rating to a “buy” rating and boosted their price objective for the company from $123.00 to $142.00 in a research report on Friday, October 7th. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $120.38.

Insider Transactions at Progressive

In other news, insider Andrew J. Quigg sold 3,180 shares of the business’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the sale, the insider now directly owns 24,061 shares in the company, valued at $3,042,032.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Susan Patricia Griffith sold 50,000 shares of the company’s stock in a transaction on Monday, October 17th. The shares were sold at an average price of $116.85, for a total transaction of $5,842,500.00. Following the completion of the transaction, the chief executive officer now directly owns 431,822 shares in the company, valued at approximately $50,458,400.70. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Andrew J. Quigg sold 3,180 shares of the company’s stock in a transaction on Friday, August 26th. The shares were sold at an average price of $126.43, for a total transaction of $402,047.40. Following the transaction, the insider now owns 24,061 shares of the company’s stock, valued at $3,042,032.23. The disclosure for this sale can be found here. Over the last three months, insiders sold 111,618 shares of company stock worth $13,578,528. 0.37% of the stock is owned by insiders.

Progressive Stock Performance

PGR stock opened at $131.09 on Thursday. The firm has a 50 day moving average of $123.98 and a two-hundred day moving average of $119.71. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.45. The Progressive Co. has a 12 month low of $92.44 and a 12 month high of $131.49. The company has a market capitalization of $76.70 billion, a price-to-earnings ratio of 92.97, a P/E/G ratio of 1.68 and a beta of 0.47.

Progressive Company Profile

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The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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