Martingale Asset Management L P Grows Stock Position in The Progressive Co. (NYSE:PGR)

Martingale Asset Management L P increased its holdings in The Progressive Co. (NYSE:PGR) by 55.3% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 109,119 shares of the insurance provider’s stock after buying an additional 38,834 shares during the period. Martingale Asset Management L P’s holdings in Progressive were worth $27,690,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also made changes to their positions in the business. FMR LLC boosted its position in shares of Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock worth $2,669,204,000 after buying an additional 170,618 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Progressive by 7.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock valued at $1,286,036,000 after acquiring an additional 330,667 shares during the last quarter. Legal & General Group Plc increased its stake in shares of Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after acquiring an additional 92,212 shares during the last quarter. Jennison Associates LLC increased its stake in shares of Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after acquiring an additional 842,109 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its stake in shares of Progressive by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,836,218 shares of the insurance provider’s stock valued at $973,479,000 after acquiring an additional 39,675 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of PGR opened at $266.86 on Friday. The stock’s fifty day moving average is $253.89 and its 200-day moving average is $232.95. The firm has a market capitalization of $156.33 billion, a price-to-earnings ratio of 19.39, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The Progressive Co. has a one year low of $149.14 and a one year high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Equities analysts anticipate that The Progressive Co. will post 13.2 EPS for the current year.

Wall Street Analyst Weigh In

A number of analysts recently issued reports on PGR shares. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Piper Sandler raised their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. BMO Capital Markets reduced their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Bank of America raised their price objective on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Finally, Roth Mkm raised their price objective on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred 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 directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock worth $14,975,979 in the last quarter. 0.34% of the stock is owned by company 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.