Charles Schwab Investment Management Inc. Acquires 39,675 Shares of The Progressive Co. (NYSE:PGR)

Charles Schwab Investment Management Inc. increased its stake in shares of The Progressive Co. (NYSE:PGR) by 1.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,836,218 shares of the insurance provider’s stock after acquiring an additional 39,675 shares during the quarter. Charles Schwab Investment Management Inc. owned about 0.65% of Progressive worth $973,479,000 at the end of the most recent reporting period.

Several other large investors have also recently bought and sold shares of PGR. Legal & General Group Plc raised its stake 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 in the last quarter. Jennison Associates LLC lifted its holdings 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 worth $1,205,266,000 after acquiring an additional 842,109 shares during the period. American Century Companies Inc. boosted its position in shares of Progressive by 3.0% during the 2nd quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock valued at $497,003,000 after acquiring an additional 69,709 shares in the last quarter. Swiss National Bank grew its stake in shares of Progressive by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,738,400 shares of the insurance provider’s stock valued at $441,136,000 after purchasing an additional 4,400 shares during the period. Finally, 1832 Asset Management L.P. grew its holdings in shares of 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 worth $348,671,000 after purchasing an additional 200,118 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

PGR opened at $257.86 on Thursday. The company has a fifty day moving average price of $252.58 and a two-hundred day moving average price of $230.94. The firm has a market capitalization of $151.06 billion, a PE ratio of 18.68, a P/E/G ratio of 0.71 and a beta of 0.36. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $263.85. 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 announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 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 business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. As a group, analysts anticipate that The Progressive Co. will post 13.09 earnings per share for the current year.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on Tuesday, September 3rd. The shares were 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 in the company, valued at $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 2,981 shares of the stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

A number of equities analysts have commented on PGR shares. TD Cowen boosted their price target on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Evercore ISI raised their price target on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Roth Mkm boosted 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. The Goldman Sachs Group raised their target price on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Finally, Barclays increased their price objective on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $269.81.

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.