The Progressive Co. (NYSE:PGR) Shares Acquired by Martingale Asset Management L P

Martingale Asset Management L P raised its stake in shares of The Progressive Co. (NYSE:PGR) by 55.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 109,119 shares of the insurance provider’s stock after acquiring 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.

A number of other institutional investors have also made changes to their positions in the stock. FMR LLC increased its position in shares of Progressive by 1.6% during the third quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock valued at $2,669,204,000 after acquiring an additional 170,618 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Progressive by 7.0% during the third 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 position in shares of Progressive by 1.9% during 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 acquiring an additional 92,212 shares during the last quarter. Jennison Associates LLC increased its position in shares of Progressive by 21.6% during the third 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. boosted its stake in shares of Progressive by 1.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 3,836,218 shares of the insurance provider’s stock valued at $973,479,000 after purchasing an additional 39,675 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

PGR has been the subject of several recent research reports. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. The Goldman Sachs Group raised their price objective 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. Roth Mkm raised their price objective on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, TD Cowen raised their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research note on Friday, November 8th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $269.81.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the sale, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. The trade was a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 59,209 shares of company stock worth $14,975,979. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $266.86 on Friday. 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 stock has a market capitalization of $156.33 billion, a P/E ratio of 19.39, a P/E/G ratio of 0.74 and a beta of 0.36. The company’s fifty day moving average is $253.89 and its two-hundred day moving average is $232.95. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $270.62.

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. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, sell-side analysts predict that The Progressive Co. will post 13.2 earnings per share for the current 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.