Picton Mahoney Asset Management Has $21.01 Million Holdings in Progressive Corp (PGR)

Picton Mahoney Asset Management grew its holdings in shares of Progressive Corp (NYSE:PGR) by 14.2% in the third quarter, HoldingsChannel.com reports. The fund owned 295,800 shares of the insurance provider’s stock after buying an additional 36,800 shares during the period. Progressive makes up about 1.5% of Picton Mahoney Asset Management’s portfolio, making the stock its 19th largest holding. Picton Mahoney Asset Management’s holdings in Progressive were worth $21,014,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in PGR. Principal Financial Group Inc. boosted its position in Progressive by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock worth $307,278,000 after acquiring an additional 47,656 shares during the period. IFM Investors Pty Ltd boosted its position in Progressive by 41.1% during the 2nd quarter. IFM Investors Pty Ltd now owns 26,140 shares of the insurance provider’s stock worth $1,546,000 after acquiring an additional 7,620 shares during the period. Livforsakringsbolaget Skandia Omsesidigt boosted its position in Progressive by 85.0% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 16,328 shares of the insurance provider’s stock worth $966,000 after acquiring an additional 7,500 shares during the period. State of Alaska Department of Revenue boosted its position in Progressive by 17.2% during the 2nd quarter. State of Alaska Department of Revenue now owns 103,510 shares of the insurance provider’s stock worth $6,121,000 after acquiring an additional 15,190 shares during the period. Finally, Trust Co. of Vermont raised its stake in shares of Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after buying an additional 906 shares in the last quarter. Institutional investors own 79.89% of the company’s stock.

PGR has been the topic of a number of research reports. Citigroup dropped their price objective on Progressive from $66.00 to $63.00 and set a “neutral” rating on the stock in a research note on Thursday, July 12th. B. Riley boosted their price objective on Progressive from $54.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, July 16th. Wells Fargo & Co set a $64.00 price objective on Progressive and gave the stock a “hold” rating in a research note on Tuesday, July 17th. Morgan Stanley boosted their price objective on Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a research note on Wednesday, July 18th. Finally, Buckingham Research raised Progressive to a “sell” rating and set a $52.00 price objective on the stock in a research note on Wednesday, July 18th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the stock. Progressive currently has a consensus rating of “Hold” and an average target price of $69.79.

PGR opened at $72.83 on Thursday. Progressive Corp has a one year low of $50.14 and a one year high of $73.69. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market capitalization of $40.65 billion, a PE ratio of 27.69, a PEG ratio of 1.99 and a beta of 0.71.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.43. The company had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.43 billion. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The company’s quarterly revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.38 EPS. On average, research analysts forecast that Progressive Corp will post 4.78 EPS for the current year.

In other news, CEO Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $64.14, for a total transaction of $808,164.00. Following the sale, the chief executive officer now directly owns 265,856 shares of the company’s stock, valued at $17,052,003.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $66.90, for a total value of $3,345,000.00. Following the sale, the insider now directly owns 116,838 shares in the company, valued at $7,816,462.20. The disclosure for this sale can be found here. Insiders have sold 124,600 shares of company stock worth $8,325,164 over the last ninety days. 0.70% of the stock is owned by insiders.

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About Progressive

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.

Further Reading: Asset Allocation, Balancing Your Investments

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).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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