Edgestream Partners L.P. Has $1.11 Million Position in The Progressive Corporation $PGR

Edgestream Partners L.P. grew its holdings in The Progressive Corporation (NYSE:PGR) by 420.0% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 4,170 shares of the insurance provider’s stock after buying an additional 3,368 shares during the quarter. Edgestream Partners L.P.’s holdings in Progressive were worth $1,113,000 at the end of the most recent reporting period.

Other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. increased its position in Progressive by 0.9% in the 2nd quarter. Vanguard Group Inc. now owns 54,516,288 shares of the insurance provider’s stock valued at $14,548,217,000 after acquiring an additional 493,332 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Progressive by 2.0% during the second quarter. Geode Capital Management LLC now owns 15,513,188 shares of the insurance provider’s stock worth $4,128,055,000 after purchasing an additional 301,371 shares in the last quarter. GQG Partners LLC lifted its position in shares of Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares in the last quarter. Alliancebernstein L.P. grew its stake in shares of Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after purchasing an additional 1,091,828 shares during the last quarter. Finally, Norges Bank acquired a new stake in shares of Progressive in the second quarter valued at approximately $2,156,939,000. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

Progressive stock opened at $222.85 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The firm 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 business has a 50-day moving average of $225.88 and a 200-day moving average of $244.78. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period in the previous year, the business earned $3.58 EPS. On average, equities analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PGR. BMO Capital Markets upped their price objective on Progressive from $247.00 to $260.00 and gave the stock a “market perform” rating in a report on Friday, November 21st. Evercore ISI cut their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Wells Fargo & Company raised their price target on Progressive from $246.00 to $247.00 and gave the company an “equal weight” rating in a report on Thursday, November 20th. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Finally, Citigroup cut their target price on shares of Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday, October 16th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus price target of $266.52.

Insider Activity

In other Progressive news, insider Steven Broz sold 1,345 shares of the stock in a transaction dated Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the completion of the sale, the insider directly owned 27,698 shares in the company, valued at $6,323,176.42. This represents a 4.63% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the transaction, the insider owned 43,506 shares in the company, valued at $10,532,802.60. This trade represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 17,673 shares of company stock valued at $4,163,005. 0.34% of the stock is owned by company insiders.

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.