ClariVest Asset Management LLC grew its stake in shares of Progressive Corp (NYSE:PGR) by 29.9% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 458,810 shares of the insurance provider’s stock after acquiring an additional 105,566 shares during the period. ClariVest Asset Management LLC owned about 0.08% of Progressive worth $32,593,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Trexquant Investment LP raised its stake in shares of Progressive by 41.2% during the second quarter. Trexquant Investment LP now owns 84,776 shares of the insurance provider’s stock valued at $5,015,000 after acquiring an additional 24,722 shares in the last quarter. Morgan Stanley raised its stake in Progressive by 27.5% in the second quarter. Morgan Stanley now owns 874,445 shares of the insurance provider’s stock worth $51,725,000 after buying an additional 188,567 shares in the last quarter. First Republic Investment Management Inc. raised its stake in Progressive by 6.9% in the second quarter. First Republic Investment Management Inc. now owns 38,119 shares of the insurance provider’s stock worth $2,254,000 after buying an additional 2,477 shares in the last quarter. Strs Ohio raised its stake in Progressive by 599.2% in the second quarter. Strs Ohio now owns 321,002 shares of the insurance provider’s stock worth $18,987,000 after buying an additional 275,090 shares in the last quarter. Finally, Metropolitan Life Insurance Co. NY raised its stake in Progressive by 0.8% in the second quarter. Metropolitan Life Insurance Co. NY now owns 116,500 shares of the insurance provider’s stock worth $6,891,000 after buying an additional 914 shares in the last quarter. 80.67% of the stock is owned by hedge funds and other institutional investors.

NYSE PGR opened at $71.59 on Wednesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.42 and a current ratio of 0.42. Progressive Corp has a 12-month low of $50.72 and a 12-month high of $73.69. The firm has a market capitalization of $42.63 billion, a price-to-earnings ratio of 27.22, a PEG ratio of 2.09 and a beta of 0.71.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.43. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The business had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.43 billion. During the same period in the previous year, the company earned $0.38 earnings per share. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. Sell-side analysts anticipate that Progressive Corp will post 4.79 EPS for the current year.

In other Progressive news, insider John A. Barbagallo sold 50,000 shares of Progressive stock in a transaction on Friday, October 26th. The shares were sold at an average price of $68.02, for a total value of $3,401,000.00. Following the transaction, the insider now directly owns 177,368 shares of the company’s stock, valued at $12,064,571.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $64.25, for a total transaction of $771,000.00. Following the completion of the transaction, the chief financial officer now directly owns 390,584 shares in the company, valued at $25,095,022. The disclosure for this sale can be found here. Insiders sold 124,600 shares of company stock worth $8,325,164 over the last ninety days. Corporate insiders own 0.70% of the company’s stock.

A number of brokerages recently commented on PGR. UBS Group boosted their price objective on shares of Progressive from $70.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, September 19th. B. Riley boosted their price objective on shares of Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 7th. Argus raised shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective for the company in a research note on Friday, July 27th. Zacks Investment Research downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. Finally, Credit Suisse Group began coverage on shares of Progressive in a research note on Tuesday, August 7th. They issued an “outperform” rating and a $73.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $69.60.

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Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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