Penserra Capital Management LLC Buys 2,953 Shares of The Progressive Co. (NYSE:PGR)

Penserra Capital Management LLC increased its position in The Progressive Co. (NYSE:PGR) by 71.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,076 shares of the insurance provider’s stock after purchasing an additional 2,953 shares during the period. Penserra Capital Management LLC’s holdings in Progressive were worth $1,794,000 at the end of the most recent reporting period.

Several other institutional investors also recently bought and sold shares of the company. Davis Capital Management purchased a new stake in shares of Progressive during the third quarter valued at approximately $25,000. WR Wealth Planners LLC boosted its stake in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the last quarter. Hilltop National Bank increased its holdings in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. raised its stake in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Finally, LRI Investments LLC bought a new position in shares of Progressive during the first quarter valued at $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. BMO Capital Markets lowered their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Piper Sandler lifted their target price on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. Wells Fargo & Company increased their price target on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, Morgan Stanley lifted their price objective on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average price target of $269.81.

Progressive Stock Down 0.1 %

PGR opened at $265.89 on Tuesday. The stock has a market cap of $155.76 billion, a price-to-earnings ratio of 19.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm’s fifty day moving average is $253.25 and its 200 day moving average is $232.11. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $266.89.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. On average, sell-side analysts forecast that The Progressive Co. will post 13.17 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,981 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 10.16 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock worth $14,975,979 in the last three months. 0.34% of the stock is owned by company insiders.

Progressive Company Profile

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.