Arrowstreet Capital Limited Partnership Increases Stock Position in The Progressive Corporation $PGR

Arrowstreet Capital Limited Partnership grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 1,210.5% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 171,029 shares of the insurance provider’s stock after buying an additional 157,978 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Progressive were worth $45,641,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Rise Advisors LLC boosted its stake in shares of Progressive by 7.4% in the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after buying an additional 36 shares in the last quarter. LRI Investments LLC lifted its holdings in Progressive by 13.4% in the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after acquiring an additional 40 shares during the period. True North Advisors LLC boosted its position in shares of Progressive by 4.0% during the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock worth $299,000 after purchasing an additional 41 shares in the last quarter. CVA Family Office LLC grew its stake in shares of Progressive by 4.2% during the 2nd quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock worth $281,000 after purchasing an additional 42 shares during the period. Finally, Bell Investment Advisors Inc increased its holdings in shares of Progressive by 20.8% in the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 44 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Down 1.9%

PGR stock opened at $222.85 on Friday. The company has a 50 day moving average price of $225.88 and a two-hundred day moving average price of $244.78. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a market capitalization of $130.68 billion, a P/E ratio of 12.22, a PEG ratio of 1.01 and a beta of 0.36. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). The business had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter last year, the business earned $3.58 EPS. As a group, sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Raymond James Financial decreased their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Bank of America lowered their price target on Progressive from $351.00 to $346.00 and set a “buy” rating on the stock in a report on Wednesday, November 19th. Morgan Stanley set a $214.00 price objective on Progressive and gave the stock an “underweight” rating in a report on Monday, October 20th. Finally, Wolfe Research started coverage on Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, Progressive presently has an average rating of “Hold” and an average price target of $266.52.

Insiders Place Their Bets

In other news, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider directly owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,673 shares of company stock valued at $4,163,005 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related 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.