Sterling Capital Management LLC Purchases 59,580 Shares of Progressive Corp (PGR)
Sterling Capital Management LLC boosted its position in Progressive Corp (NYSE:PGR) by 96.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 121,220 shares of the insurance provider’s stock after purchasing an additional 59,580 shares during the quarter. Sterling Capital Management LLC’s holdings in Progressive were worth $5,869,000 at the end of the most recent reporting period.
Other institutional investors have also recently made changes to their positions in the company. Mckinley Capital Management LLC Delaware bought a new position in Progressive in the second quarter worth about $101,000. Balentine LLC increased its holdings in shares of Progressive by 3,273.0% during the third quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after acquiring an additional 2,422 shares in the last quarter. IFP Advisors Inc increased its holdings in shares of Progressive by 12.9% during the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after acquiring an additional 341 shares in the last quarter. Fiduciary Trust Co. acquired a new position in shares of Progressive during the second quarter valued at about $143,000. Finally, YorkBridge Wealth Partners LLC increased its holdings in shares of Progressive by 12.9% during the second quarter. YorkBridge Wealth Partners LLC now owns 3,727 shares of the insurance provider’s stock valued at $165,000 after acquiring an additional 427 shares in the last quarter. Institutional investors and hedge funds own 79.55% of the company’s stock.
In related news, insider Jeffrey W. Basch sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the completion of the transaction, the insider now directly owns 70,965 shares in the company, valued at approximately $3,422,641.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO M Jeffrey Charney sold 6,000 shares of the firm’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total value of $297,000.00. Following the transaction, the chief marketing officer now owns 102,038 shares of the company’s stock, valued at $5,050,881. The disclosure for this sale can be found here. Insiders have sold a total of 21,000 shares of company stock valued at $1,024,470 over the last 90 days. 0.56% of the stock is currently owned by company insiders.
Several research firms have recently issued reports on PGR. Credit Suisse Group restated a “hold” rating and set a $48.00 price objective on shares of Progressive in a report on Friday. MKM Partners upped their price objective on shares of Progressive to $65.00 and gave the company a “buy” rating in a report on Friday. Wells Fargo & Company set a $55.00 price objective on shares of Progressive and gave the company a “hold” rating in a report on Wednesday. Keefe, Bruyette & Woods restated a “buy” rating and set a $60.00 price objective on shares of Progressive in a report on Wednesday, December 6th. Finally, Goldman Sachs Group began coverage on shares of Progressive in a report on Monday, December 4th. They set a “buy” rating and a $57.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. Progressive has an average rating of “Hold” and a consensus price target of $50.41.
Shares of Progressive Corp (NYSE PGR) opened at $55.46 on Friday. Progressive Corp has a 52-week low of $35.23 and a 52-week high of $56.23. The company has a market capitalization of $32,069.42, a P/E ratio of 24.08, a P/E/G ratio of 3.12 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50.
Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The company had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $7.04 billion. During the same period last year, the business posted $0.34 EPS. Progressive’s revenue for the quarter was up 18.1% on a year-over-year basis. equities analysts expect that Progressive Corp will post 2.41 EPS for the current year.
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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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