Waverton Investment Management Ltd Invests $803,000 in Progressive Corp (PGR) Stock

Waverton Investment Management Ltd bought a new position in Progressive Corp (NYSE:PGR) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 14,265 shares of the insurance provider’s stock, valued at approximately $803,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGR. Vanguard Group Inc. boosted its holdings in shares of Progressive by 2.9% in the second quarter. Vanguard Group Inc. now owns 38,642,819 shares of the insurance provider’s stock valued at $1,703,762,000 after buying an additional 1,091,051 shares during the period. BlackRock Inc. boosted its holdings in shares of Progressive by 1.8% in the second quarter. BlackRock Inc. now owns 36,533,106 shares of the insurance provider’s stock valued at $1,610,745,000 after buying an additional 636,087 shares during the period. Artisan Partners Limited Partnership boosted its holdings in Progressive by 23.8% during the third quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock worth $694,793,000 after purchasing an additional 2,762,934 shares during the last quarter. Janus Henderson Group PLC boosted its holdings in Progressive by 40.0% during the third quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock worth $438,742,000 after purchasing an additional 2,588,522 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in Progressive by 55.9% during the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after purchasing an additional 2,687,224 shares during the last quarter. 79.45% of the stock is owned by institutional investors.

In other news, insider William M. Cody sold 25,000 shares of Progressive stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the sale, the insider now owns 137,722 shares in the company, valued at approximately $7,726,204.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider M Jeffrey Charney sold 6,000 shares of Progressive stock in a transaction on Friday, October 20th. The shares were sold at an average price of $48.90, for a total transaction of $293,400.00. Following the completion of the sale, the insider now owns 108,038 shares of the company’s stock, valued at approximately $5,283,058.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,000 shares of company stock valued at $1,992,900. Company insiders own 0.56% of the company’s stock.

Progressive Corp (NYSE:PGR) traded up $0.33 on Wednesday, hitting $56.27. 3,800,400 shares of the stock were exchanged, compared to its average volume of 3,045,990. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. Progressive Corp has a one year low of $35.85 and a one year high of $57.18. The firm has a market cap of $32,534.70, a P/E ratio of 23.45, a P/E/G ratio of 2.38 and a beta of 0.94.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.34 by $0.07. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The business had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $7.04 billion. During the same period last year, the company earned $0.34 EPS. The firm’s revenue was up 18.1% compared to the same quarter last year. equities analysts predict that Progressive Corp will post 2.47 earnings per share for the current fiscal year.

Several brokerages recently commented on PGR. Wells Fargo & Co set a $55.00 target price on shares of Progressive and gave the stock a “hold” rating in a report on Wednesday, December 13th. MKM Partners upped their price target on shares of Progressive to $65.00 and gave the stock a “buy” rating in a research report on Friday, December 15th. Credit Suisse Group reissued a “hold” rating and issued a $48.00 price objective on shares of Progressive in a research report on Friday, December 15th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $60.00 price objective on shares of Progressive in a research report on Wednesday, December 6th. Finally, Goldman Sachs Group initiated coverage on shares of Progressive in a research report on Monday, December 4th. They set a “buy” rating and a $57.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. Progressive currently has an average rating of “Hold” and an average price target of $50.41.

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Progressive Company Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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