Paradigm Asset Management Co. LLC Has $1.33 Million Position in The Progressive Corporation $PGR

Paradigm Asset Management Co. LLC lowered its position in The Progressive Corporation (NYSE:PGR) by 46.2% in the second quarter, Holdings Channel.com reports. The institutional investor owned 5,000 shares of the insurance provider’s stock after selling 4,300 shares during the period. Paradigm Asset Management Co. LLC’s holdings in Progressive were worth $1,334,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Nuveen LLC acquired a new position in shares of Progressive in the first quarter valued at approximately $1,473,180,000. GQG Partners LLC boosted its stake in Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares during the period. C WorldWide Group Holding A S increased its holdings in Progressive by 12,110.3% during the 1st quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock worth $353,374,000 after purchasing an additional 1,238,402 shares in the last quarter. Alliancebernstein L.P. raised its stake in shares of Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after purchasing an additional 1,091,828 shares during the period. Finally, Axiom Investors LLC DE bought a new stake in shares of Progressive in the first quarter valued at about $194,557,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Up 3.6%

Shares of NYSE PGR opened at $217.16 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The stock has a 50 day moving average price of $233.53 and a 200 day moving average price of $252.14. The firm has a market capitalization of $127.30 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a 52-week low of $199.90 and a 52-week high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter in the prior year, the company posted $3.58 EPS. Sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the transaction, the insider directly owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. The trade was a 4.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the transaction, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 58,500 shares of company stock valued at $14,430,089. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several equities research analysts have issued reports on the stock. Raymond James Financial lowered their price target on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. UBS Group reduced their price target on Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research report on Wednesday, October 8th. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Weiss Ratings reissued a “buy (b-)” rating on shares of Progressive in a research note on Friday, October 31st. Finally, Wolfe Research initiated coverage on shares of Progressive in a research report on Monday, September 15th. They set a “peer perform” rating on the stock. Eight analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $269.90.

Progressive 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.