The Progressive Corporation $PGR Stake Raised by LFL Advisers LLC

LFL Advisers LLC lifted its stake in shares of The Progressive Corporation (NYSE:PGR) by 3.2% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 118,091 shares of the insurance provider’s stock after purchasing an additional 3,614 shares during the quarter. Progressive comprises about 12.6% of LFL Advisers LLC’s investment portfolio, making the stock its 5th largest position. LFL Advisers LLC’s holdings in Progressive were worth $31,514,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Baird Financial Group Inc. grew its position in Progressive by 4.6% during the second quarter. Baird Financial Group Inc. now owns 3,556,688 shares of the insurance provider’s stock worth $949,138,000 after buying an additional 157,593 shares during the period. First Trust Advisors LP lifted its position in shares of Progressive by 154.3% during the 2nd quarter. First Trust Advisors LP now owns 673,646 shares of the insurance provider’s stock valued at $179,769,000 after acquiring an additional 408,779 shares during the period. Guggenheim Capital LLC boosted its stake in shares of Progressive by 16.1% during the 2nd quarter. Guggenheim Capital LLC now owns 88,623 shares of the insurance provider’s stock worth $23,650,000 after acquiring an additional 12,294 shares in the last quarter. EverSource Wealth Advisors LLC boosted its stake in shares of Progressive by 1.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 66,761 shares of the insurance provider’s stock worth $17,816,000 after acquiring an additional 691 shares in the last quarter. Finally, Pragma Gestao DE Patrimonio Ltd. grew its holdings in shares of Progressive by 9.8% in the 2nd quarter. Pragma Gestao DE Patrimonio Ltd. now owns 25,800 shares of the insurance provider’s stock worth $6,885,000 after acquiring an additional 2,300 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PGR. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Bank of America dropped their price target on Progressive from $351.00 to $346.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 17th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a research report on Tuesday. Finally, Barclays dropped their target price on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $266.52.

Insider Activity

In related news, CFO John P. Sauerland sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the sale, the chief financial officer owned 223,024 shares in the company, valued at approximately $50,956,523.52. This trade represents a 2.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the sale, the insider directly owned 27,698 shares of the company’s stock, valued at $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 17,673 shares of company stock worth $4,163,005. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Down 0.1%

PGR opened at $227.01 on Friday. The firm has a market cap of $133.12 billion, a P/E ratio of 12.45, a PEG ratio of 1.01 and a beta of 0.36. The business’s fifty day simple moving average is $226.29 and its 200 day simple moving average is $245.23. The Progressive Corporation has a 52 week low of $199.90 and a 52 week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter last year, the company posted $3.58 earnings per share. As a group, equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Profile

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.