Aigen Investment Management LP Raises Stock Position in The Progressive Co. (NYSE:PGR)

Aigen Investment Management LP boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 57.0% during the 3rd quarter, HoldingsChannel.com reports. The institutional investor owned 11,739 shares of the insurance provider’s stock after acquiring an additional 4,262 shares during the quarter. Progressive accounts for approximately 0.6% of Aigen Investment Management LP’s holdings, making the stock its 21st biggest holding. Aigen Investment Management LP’s holdings in Progressive were worth $2,979,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Davis Capital Management purchased a new position in Progressive during the third quarter valued at approximately $25,000. WR Wealth Planners LLC boosted its stake in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares in the last quarter. Hilltop National Bank boosted its stake in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. boosted its stake in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in Progressive in the first quarter valued at approximately $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

NYSE PGR traded up $0.28 during trading hours on Tuesday, hitting $260.17. 101,158 shares of the company’s stock traded hands, compared to its average volume of 2,460,799. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85. The company has a market capitalization of $152.41 billion, a PE ratio of 18.89, a PEG ratio of 0.72 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.31. The firm’s 50-day moving average is $251.57 and its 200-day moving average is $228.68.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating 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 company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Equities analysts forecast that The Progressive Co. will post 13.15 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’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 transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock worth $18,674,912 in the last ninety days. 0.34% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Piper Sandler raised their target price on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Finally, Jefferies Financial Group lifted their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

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.