Rakuten Securities Inc. Has $94,000 Position in The Progressive Co. (NYSE:PGR)

Rakuten Securities Inc. raised its holdings in shares of The Progressive Co. (NYSE:PGR) by 642.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 371 shares of the insurance provider’s stock after purchasing an additional 321 shares during the quarter. Rakuten Securities Inc.’s holdings in Progressive were worth $94,000 at the end of the most recent reporting period.

Several other hedge funds have also added to or reduced their stakes in PGR. Canada Pension Plan Investment Board boosted its holdings in shares of Progressive by 548.2% during the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after acquiring an additional 686,433 shares during the period. Capital International Investors boosted its stake 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 purchasing an additional 670,006 shares during the period. International Assets Investment Management LLC grew its holdings in Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after buying an additional 594,330 shares in the last quarter. SG Americas Securities LLC increased its position in Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after buying an additional 590,235 shares during the period. Finally, Swedbank AB bought a new stake in shares of Progressive in the first quarter valued at about $116,852,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction on 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 owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progressive news, insider John Jo Murphy sold 9,512 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was 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 owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 74,843 shares of company stock worth $18,674,912 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of several analyst reports. BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. TD Cowen boosted their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Jefferies Financial Group lifted their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. Morgan Stanley increased their target price on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Finally, Piper Sandler boosted their price target on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $269.56.

Progressive Stock Up 0.9 %

Shares of NYSE:PGR opened at $262.29 on Wednesday. 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 $153.65 billion, a PE ratio of 19.06, a price-to-earnings-growth ratio of 0.72 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a fifty day moving average of $251.57 and a 200-day moving average of $228.68.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities analysts predict that The Progressive Co. will post 13.15 EPS for the current fiscal year.

About Progressive

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.