The Progressive Corporation $PGR is Van Cleef Asset Management Inc’s Largest Position

Van Cleef Asset Management Inc lifted its holdings in The Progressive Corporation (NYSE:PGR) by 1.7% during the 2nd quarter, Holdings Channel.com reports. The firm owned 753,288 shares of the insurance provider’s stock after buying an additional 12,432 shares during the period. Progressive makes up about 21.7% of Van Cleef Asset Management Inc’s investment portfolio, making the stock its largest position. Van Cleef Asset Management Inc’s holdings in Progressive were worth $201,023,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. Bensler LLC raised its position in Progressive by 3.5% in the second quarter. Bensler LLC now owns 68,575 shares of the insurance provider’s stock worth $18,300,000 after acquiring an additional 2,330 shares during the period. Fox Run Management L.L.C. purchased a new stake in shares of Progressive in the 2nd quarter worth $672,000. Penserra Capital Management LLC raised its holdings in Progressive by 83.9% in the 2nd quarter. Penserra Capital Management LLC now owns 7,123 shares of the insurance provider’s stock worth $1,900,000 after purchasing an additional 3,250 shares during the period. KCM Investment Advisors LLC lifted its position in Progressive by 6.0% during the second quarter. KCM Investment Advisors LLC now owns 1,737 shares of the insurance provider’s stock valued at $464,000 after purchasing an additional 98 shares in the last quarter. Finally, Kinsale Capital Group Inc. lifted its position in Progressive by 7.7% during the second quarter. Kinsale Capital Group Inc. now owns 46,236 shares of the insurance provider’s stock valued at $12,339,000 after purchasing an additional 3,304 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PGR. JPMorgan Chase & Co. lifted their price objective on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Barclays decreased their target price on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research note on Monday, October 20th. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Bank of America increased their price objective on shares of Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a research note on Thursday, October 16th. Finally, Weiss Ratings restated a “buy (b-)” rating on shares of Progressive in a research note on Friday, October 31st. Eight investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat.com, Progressive currently has an average rating of “Hold” and an average target price of $269.90.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the completion of the transaction, the chief executive officer directly owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This trade represents a 6.05% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Lori A. Niederst sold 8,063 shares of the company’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, the insider owned 39,040 shares in the company, valued at $9,767,027.20. This represents a 17.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 58,500 shares of company stock valued at $14,430,089 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE:PGR opened at $217.16 on Friday. The company has a market cap 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 1 year low of $199.90 and a 1 year high of $292.99. The stock’s 50 day simple moving average is $233.53 and its two-hundred day simple moving average is $252.14. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter in the prior year, the company posted $3.58 earnings per share. As a group, equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

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.