Vident Investment Advisory LLC Purchases 6,149 Shares of Progressive Corp (PGR)
Vident Investment Advisory LLC boosted its position in Progressive Corp (NYSE:PGR) by 9.0% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 74,246 shares of the insurance provider’s stock after buying an additional 6,149 shares during the quarter. Vident Investment Advisory LLC’s holdings in Progressive were worth $3,595,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently made changes to their positions in PGR. Elkhorn Investments LLC increased its position in shares of Progressive by 0.5% during the 2nd quarter. Elkhorn Investments LLC now owns 33,515 shares of the insurance provider’s stock worth $1,599,000 after purchasing an additional 160 shares during the last quarter. Great Lakes Advisors LLC boosted its stake in shares of Progressive by 2.0% during the 2nd quarter. Great Lakes Advisors LLC now owns 15,225 shares of the insurance provider’s stock worth $671,000 after acquiring an additional 295 shares during the period. Bradley Foster & Sargent Inc. CT boosted its stake in shares of Progressive by 1.4% during the 2nd quarter. Bradley Foster & Sargent Inc. CT now owns 21,500 shares of the insurance provider’s stock worth $948,000 after acquiring an additional 300 shares during the period. Wetherby Asset Management Inc. boosted its stake in shares of Progressive by 1.9% during the 2nd quarter. Wetherby Asset Management Inc. now owns 16,491 shares of the insurance provider’s stock worth $728,000 after acquiring an additional 303 shares during the period. Finally, Flinton Capital Management LLC boosted its stake in Progressive by 1.5% in the 2nd quarter. Flinton Capital Management LLC now owns 23,088 shares of the insurance provider’s stock valued at $1,018,000 after purchasing an additional 336 shares during the period. 79.55% of the stock is currently owned by institutional investors and hedge funds.
Progressive Corp (NYSE PGR) traded up $0.47 during trading hours on Friday, hitting $54.99. The stock had a trading volume of 1,548,668 shares, compared to its average volume of 2,788,614. The company has a market cap of $31,708.83, a P/E ratio of 23.81, a price-to-earnings-growth ratio of 3.10 and a beta of 0.94. 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 1 year low of $33.86 and a 1 year high of $54.99.
Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. The firm had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.04 billion. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The company’s revenue was up 18.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.34 EPS. analysts expect that Progressive Corp will post 2.4 EPS for the current fiscal year.
In other news, CMO M Jeffrey Charney sold 6,000 shares of the business’s stock in a transaction on Thursday, November 2nd. The stock was sold at an average price of $49.50, for a total transaction of $297,000.00. Following the completion of the transaction, the chief marketing officer now owns 102,038 shares of the company’s stock, valued at approximately $5,050,881. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jeffrey W. Basch sold 9,000 shares of the business’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total value of $434,070.00. Following the transaction, the insider now directly owns 70,965 shares of the company’s stock, valued at approximately $3,422,641.95. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,000 shares of company stock valued at $1,024,470. Corporate insiders own 0.56% of the company’s stock.
Several research firms recently issued reports on PGR. Barclays boosted their price target on Progressive from $39.00 to $41.00 and gave the company an “underweight” rating in a research note on Friday, August 11th. BidaskClub upgraded Progressive from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 11th. FBR & Co restated a “hold” rating on shares of Progressive in a research note on Tuesday, October 17th. Keefe, Bruyette & Woods restated a “buy” rating and issued a $60.00 price target on shares of Progressive in a research note on Wednesday. Finally, Wells Fargo & Company restated a “hold” rating on shares of Progressive in a research note on Wednesday, August 16th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. Progressive presently has a consensus rating of “Hold” and an average price target of $49.82.
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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.
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