140 Summer Partners LP Decreases Stock Position in The Progressive Co. (NYSE:PGR)

140 Summer Partners LP lowered its position in shares of The Progressive Co. (NYSE:PGR) by 23.1% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 321,866 shares of the insurance provider’s stock after selling 96,700 shares during the quarter. Progressive accounts for about 8.8% of 140 Summer Partners LP’s investment portfolio, making the stock its 2nd largest position. 140 Summer Partners LP’s holdings in Progressive were worth $81,677,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of PGR. Diversified Trust Co boosted its holdings in Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after buying an additional 11,770 shares during the period. Sycomore Asset Management boosted its stake in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after acquiring an additional 2,450 shares during the period. Sumitomo Life Insurance Co. purchased a new stake in shares of Progressive during the second quarter worth about $981,000. Cumberland Partners Ltd raised its stake in Progressive by 116.7% during the 3rd quarter. Cumberland Partners Ltd now owns 6,500 shares of the insurance provider’s stock valued at $1,649,000 after purchasing an additional 3,500 shares during the period. Finally, JLB & Associates Inc. lifted its holdings in Progressive by 10.0% in the 3rd quarter. JLB & Associates Inc. now owns 93,053 shares of the insurance provider’s stock worth $23,613,000 after purchasing an additional 8,454 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Progressive stock opened at $266.86 on Thursday. The firm has a market capitalization of $156.33 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $270.62. The firm has a 50-day moving average price of $253.65 and a 200-day moving average price of $232.72. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last announced its earnings results 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 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 analyst estimates of $18.95 billion. As a group, equities research analysts forecast that The Progressive Co. will post 13.2 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have recently issued reports on PGR. TD Cowen lifted their price objective 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. Jefferies Financial Group boosted their price target 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. Wells Fargo & Company increased their price objective on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Evercore ISI boosted their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Finally, Morgan Stanley raised their price target on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 8.39 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at 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 shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock valued at $14,975,979 in the last quarter. 0.34% of the stock is owned by insiders.

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.