Commonwealth Equity Services LLC Buys 1,001 Shares of Progressive Corp (PGR)

Commonwealth Equity Services LLC boosted its stake in Progressive Corp (NYSE:PGR) by 2.8% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 37,079 shares of the insurance provider’s stock after acquiring an additional 1,001 shares during the period. Commonwealth Equity Services LLC’s holdings in Progressive were worth $2,634,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the stock. Capco Asset Management LLC increased its position in Progressive by 4.1% in the 3rd quarter. Capco Asset Management LLC now owns 191,337 shares of the insurance provider’s stock valued at $13,593,000 after acquiring an additional 7,581 shares during the period. Sentry Investment Management LLC acquired a new position in Progressive during the 3rd quarter worth approximately $661,000. 12th Street Asset Management Company LLC increased its position in Progressive by 1.5% during the 3rd quarter. 12th Street Asset Management Company LLC now owns 413,049 shares of the insurance provider’s stock worth $29,341,000 after purchasing an additional 6,131 shares during the period. O Shaughnessy Asset Management LLC increased its position in Progressive by 22.4% during the 3rd quarter. O Shaughnessy Asset Management LLC now owns 21,885 shares of the insurance provider’s stock worth $1,555,000 after purchasing an additional 3,999 shares during the period. Finally, Unigestion Holding SA increased its position in Progressive by 190.9% during the 3rd quarter. Unigestion Holding SA now owns 551,476 shares of the insurance provider’s stock worth $39,176,000 after purchasing an additional 361,931 shares during the period. Hedge funds and other institutional investors own 80.49% of the company’s stock.

In related news, insider Susan Patricia Griffith sold 12,600 shares of the company’s stock in a transaction that occurred on Thursday, November 15th. The stock was sold at an average price of $64.87, for a total value of $817,362.00. Following the sale, the insider now owns 253,256 shares of the company’s stock, valued at approximately $16,428,716.72. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider John A. Barbagallo sold 50,000 shares of the company’s stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $68.02, for a total value of $3,401,000.00. Following the completion of the sale, the insider now directly owns 177,368 shares in the company, valued at approximately $12,064,571.36. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by corporate insiders.

Several equities analysts have issued reports on PGR shares. Morgan Stanley upgraded Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 target price on the stock in a research report on Wednesday, November 7th. Citigroup boosted their target price on Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. Credit Suisse Group set a $79.00 target price on Progressive and gave the stock a “buy” rating in a research report on Monday, October 15th. Wells Fargo & Co set a $69.00 target price on Progressive and gave the stock a “hold” rating in a research report on Wednesday, November 14th. Finally, Barclays boosted their target price on Progressive from $59.00 to $67.00 and gave the stock an “underweight” rating in a research report on Monday, November 12th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $70.00.

PGR stock opened at $62.95 on Friday. Progressive Corp has a 1 year low of $50.79 and a 1 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 company has a market capitalization of $37.10 billion, a P/E ratio of 23.94, a P/E/G ratio of 1.83 and a beta of 0.71.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The firm had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.43 billion. During the same quarter in the prior year, the company earned $0.38 EPS. Progressive’s revenue was up 20.5% on a year-over-year basis. Analysts expect that Progressive Corp will post 4.74 earnings per share for the current year.

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Progressive Company Profile

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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