The Progressive Co. (NYSE:PGR) Shares Acquired by Mount Lucas Management LP

Mount Lucas Management LP boosted its stake in The Progressive Co. (NYSE:PGR) by 2.4% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,493 shares of the insurance provider’s stock after buying an additional 59 shares during the period. Mount Lucas Management LP’s holdings in Progressive were worth $633,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Covestor Ltd lifted its position in Progressive by 216.3% in the 1st quarter. Covestor Ltd now owns 639 shares of the insurance provider’s stock valued at $132,000 after purchasing an additional 437 shares during the last quarter. Trustmark National Bank Trust Department bought a new stake in shares of Progressive during the first quarter valued at approximately $236,000. O Shaughnessy Asset Management LLC boosted its position in shares of Progressive by 11.7% during the first quarter. O Shaughnessy Asset Management LLC now owns 52,969 shares of the insurance provider’s stock worth $10,955,000 after buying an additional 5,557 shares during the period. Seven Eight Capital LP bought a new position in Progressive in the 1st quarter worth approximately $568,000. Finally, UniSuper Management Pty Ltd increased its position in Progressive by 168.3% in the 1st quarter. UniSuper Management Pty Ltd now owns 12,644 shares of the insurance provider’s stock valued at $2,615,000 after acquiring an additional 7,932 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Down 0.7 %

Shares of Progressive stock opened at $255.78 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $263.85. The firm has a market capitalization of $149.84 billion, a PE ratio of 18.59, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. The stock’s fifty day moving average is $252.22 and its 200-day moving average is $230.10.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities analysts anticipate that The Progressive Co. will post 13.09 earnings per share for the current year.

Wall Street Analyst Weigh In

PGR has been the subject of a number of analyst reports. Piper Sandler boosted their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a report on Monday, August 12th. Evercore ISI raised their target price on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Barclays upped their price target on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Finally, Roth Mkm boosted their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Six investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $269.56.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is owned by corporate insiders.

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.