Penserra Capital Management LLC Takes Position in Progressive Corp (PGR)

Penserra Capital Management LLC purchased a new position in Progressive Corp (NYSE:PGR) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 64,223 shares of the insurance provider’s stock, valued at approximately $4,562,000.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Keybank National Association OH raised its holdings in shares of Progressive by 1.0% in the second quarter. Keybank National Association OH now owns 84,577 shares of the insurance provider’s stock worth $5,003,000 after buying an additional 837 shares during the period. V Wealth Management LLC grew its stake in Progressive by 3.5% in the third quarter. V Wealth Management LLC now owns 25,842 shares of the insurance provider’s stock worth $1,839,000 after purchasing an additional 884 shares in the last quarter. State Treasurer State of Michigan grew its stake in Progressive by 0.5% in the second quarter. State Treasurer State of Michigan now owns 172,381 shares of the insurance provider’s stock worth $10,196,000 after purchasing an additional 900 shares in the last quarter. Trust Co. of Vermont grew its stake in Progressive by 82.4% in the second quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after purchasing an additional 906 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY grew its stake in Progressive by 0.8% in the second quarter. Metropolitan Life Insurance Co. NY now owns 116,500 shares of the insurance provider’s stock worth $6,891,000 after purchasing an additional 914 shares in the last quarter. Hedge funds and other institutional investors own 79.89% of the company’s stock.

Shares of NYSE PGR opened at $73.46 on Friday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.34. The firm has a market cap of $40.65 billion, a price-to-earnings ratio of 27.93, a P/E/G ratio of 1.99 and a beta of 0.71. Progressive Corp has a 12-month low of $50.14 and a 12-month high of $73.69.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.14 by $0.43. The business had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.43 billion. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. As a group, equities research analysts expect that Progressive Corp will post 4.81 EPS for the current year.

PGR has been the topic of several research analyst 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 increased 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 increased 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 investment analyst has rated the stock with a sell rating, seven have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $69.79.

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $64.25, for a total transaction of $771,000.00. Following the sale, the chief financial officer now owns 390,584 shares of the company’s stock, valued at approximately $25,095,022. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 12,600 shares of the stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total value of $808,164.00. Following the sale, the chief executive officer now directly owns 265,856 shares in the company, valued at approximately $17,052,003.84. The disclosure for this sale can be found here. Insiders have sold a total of 124,600 shares of company stock worth $8,325,164 in the last ninety days. Insiders own 0.70% of the company’s stock.

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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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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