The Progressive Co. (NYSE:PGR) Shares Bought by Caprock Group LLC

Caprock Group LLC grew its holdings in The Progressive Co. (NYSE:PGR) by 7.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 14,547 shares of the insurance provider’s stock after buying an additional 995 shares during the period. Caprock Group LLC’s holdings in Progressive were worth $3,691,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of PGR. Capital International Investors raised its holdings in Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after acquiring an additional 670,006 shares during the last quarter. Legal & General Group Plc increased its holdings in shares of Progressive by 1.9% in the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after purchasing an additional 92,212 shares during the last quarter. American Century Companies Inc. lifted its position in Progressive by 3.0% during the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock worth $497,003,000 after buying an additional 69,709 shares in the last quarter. Swiss National Bank boosted its stake in Progressive by 0.3% during the third quarter. Swiss National Bank now owns 1,738,400 shares of the insurance provider’s stock worth $441,136,000 after buying an additional 4,400 shares during the last quarter. Finally, 1832 Asset Management L.P. grew its holdings in Progressive by 13.5% in the 1st quarter. 1832 Asset Management L.P. now owns 1,685,868 shares of the insurance provider’s stock valued at $348,671,000 after buying an additional 200,118 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 0.8 %

Shares of NYSE:PGR opened at $254.51 on Wednesday. The firm’s 50-day moving average is $252.43 and its two-hundred day moving average is $230.76. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. The firm has a market capitalization of $149.09 billion, a PE ratio of 18.50, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Analysts predict that The Progressive Co. will post 13.09 EPS for the current year.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive 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 directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock valued at $14,975,979 over the last 90 days. 0.34% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on PGR shares. Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. Bank of America raised their price target on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday. BMO Capital Markets decreased their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, The Goldman Sachs Group raised their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Progressive Company 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.