Taika Capital LP Invests $350,000 in The Progressive Co. (NYSE:PGR)

Taika Capital LP purchased a new position in The Progressive Co. (NYSE:PGR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 1,460 shares of the insurance provider’s stock, valued at approximately $350,000.

Other large investors have also recently made changes to their positions in the company. Versant Capital Management Inc boosted its holdings in shares of Progressive by 98.2% in the fourth quarter. Versant Capital Management Inc now owns 789 shares of the insurance provider’s stock worth $189,000 after acquiring an additional 391 shares during the period. Townsquare Capital LLC raised its position in shares of Progressive by 90.9% in the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock worth $1,983,000 after buying an additional 3,720 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its position in shares of Progressive by 7.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after buying an additional 330,667 shares in the last quarter. Assenagon Asset Management S.A. raised its position in shares of Progressive by 2,262.4% in the fourth quarter. Assenagon Asset Management S.A. now owns 433,999 shares of the insurance provider’s stock worth $103,990,000 after buying an additional 415,628 shares in the last quarter. Finally, Signal Advisors Wealth LLC raised its position in shares of Progressive by 42.3% in the fourth quarter. Signal Advisors Wealth LLC now owns 11,889 shares of the insurance provider’s stock worth $2,849,000 after buying an additional 3,534 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Stock Down 0.5 %

PGR opened at $279.77 on Monday. The company has a market cap of $164.00 billion, a P/E ratio of 19.43, a P/E/G ratio of 1.70 and a beta of 0.35. The business’s 50-day moving average price is $254.23 and its 200-day moving average price is $252.81. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 12 month low of $194.49 and a 12 month high of $287.49.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, equities analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PGR shares. JPMorgan Chase & Co. increased their price objective on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price objective on the stock. in a research report on Tuesday, December 10th. Barclays raised their price target on Progressive from $261.00 to $264.00 and gave the company an “equal weight” rating in a research report on Tuesday, February 18th. Morgan Stanley raised their price target on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. Finally, Bank of America raised their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Six analysts have rated the stock with a hold rating and thirteen have given a buy rating to the stock. According to data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average price target of $277.59.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Friday, February 28th. The stock was sold at an average price of $279.94, for a total value of $2,799,400.00. Following the sale, the chief financial officer now directly owns 269,566 shares of the company’s stock, valued at $75,462,306.04. This trade represents a 3.58 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew J. Quigg sold 681 shares of the firm’s stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the sale, the insider now directly owns 33,612 shares in the company, valued at $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $14,102,075 over the last ninety days. 0.34% of the stock is owned by insiders.

About Progressive

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.