Waverton Investment Management Ltd Raises Holdings in Progressive Corp (PGR)

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Waverton Investment Management Ltd boosted its holdings in Progressive Corp (NYSE:PGR) by 2.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 15,338 shares of the insurance provider’s stock after acquiring an additional 397 shares during the quarter. Waverton Investment Management Ltd’s holdings in Progressive were worth $925,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. Rehmann Capital Advisory Group raised its position in Progressive by 88.5% in the third quarter. Rehmann Capital Advisory Group now owns 722 shares of the insurance provider’s stock worth $51,000 after acquiring an additional 339 shares in the last quarter. Capital Advisors Ltd. LLC raised its position in Progressive by 409.1% in the third quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock worth $105,000 after acquiring an additional 1,125 shares in the last quarter. ELM Advisors LLC bought a new stake in Progressive in the third quarter worth about $107,000. Harvest Fund Management Co. Ltd bought a new stake in Progressive in the third quarter worth about $112,000. Finally, North Star Investment Management Corp. raised its position in Progressive by 21.0% in the fourth quarter. North Star Investment Management Corp. now owns 3,375 shares of the insurance provider’s stock worth $204,000 after acquiring an additional 585 shares in the last quarter. Hedge funds and other institutional investors own 79.93% of the company’s stock.

NYSE PGR traded up $0.10 on Monday, hitting $61.78. 9,995 shares of the company were exchanged, compared to its average volume of 3,091,688. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.34. Progressive Corp has a twelve month low of $50.79 and a twelve month high of $73.69. The company has a market cap of $35.71 billion, a PE ratio of 23.46, a PEG ratio of 1.72 and a beta of 0.76.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The company had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.43 billion. During the same quarter in the previous year, the business posted $0.38 EPS. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. Research analysts forecast that Progressive Corp will post 4.78 EPS for the current fiscal year.

In other Progressive news, insider John A. Barbagallo sold 5,948 shares of Progressive stock in a transaction dated Thursday, January 3rd. The stock was sold at an average price of $58.96, for a total transaction of $350,694.08. Following the transaction, the insider now owns 177,370 shares of the company’s stock, valued at approximately $10,457,735.20. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider John A. Barbagallo sold 50,000 shares of Progressive stock in a transaction dated 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 transaction, 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. In the last ninety days, insiders have sold 68,548 shares of company stock worth $4,569,056. Company insiders own 0.70% of the company’s stock.

Several brokerages have commented on PGR. Zacks Investment Research upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target on the stock in a research report on Wednesday, January 2nd. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a report on Thursday, October 18th. Barclays upgraded Progressive from an “underweight” rating to an “overweight” rating and boosted their price objective for the stock from $67.00 to $73.00 in a report on Wednesday, January 9th. Credit Suisse Group set a $79.00 price objective on Progressive and gave the stock a “buy” rating in a report on Wednesday, November 14th. Finally, Wells Fargo & Co set a $69.00 price objective on Progressive and gave the stock a “hold” rating in a report on Thursday, November 1st. Six research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has given a strong buy rating to the company’s stock. Progressive currently has a consensus rating of “Buy” and a consensus price target of $71.57.

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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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