The Progressive Co. (NYSE:PGR) Shares Acquired by Blueshift Asset Management LLC

Blueshift Asset Management LLC increased its holdings in shares of The Progressive Co. (NYSE:PGR) by 122.1% in the third quarter, Holdings Channel reports. The firm owned 13,616 shares of the insurance provider’s stock after buying an additional 7,486 shares during the quarter. Progressive accounts for 0.9% of Blueshift Asset Management LLC’s investment portfolio, making the stock its 13th biggest holding. Blueshift Asset Management LLC’s holdings in Progressive were worth $3,455,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Raleigh Capital Management Inc. increased its stake in shares of Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after acquiring an additional 41 shares during the period. Castleview Partners LLC lifted its holdings in shares of Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after buying an additional 45 shares during the period. Washington Trust Bank boosted its stake in shares of Progressive by 4.6% in the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after buying an additional 45 shares in the last quarter. Sunbelt Securities Inc. grew its holdings in Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 46 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. raised its position in Progressive by 11.8% in the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after acquiring an additional 48 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 0.8 %

Shares of PGR opened at $268.00 on Wednesday. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $268.16. The company has a market capitalization of $157.00 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The stock has a fifty day moving average of $253.47 and a two-hundred day moving average of $232.47. 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 released 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. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. As a group, analysts forecast that The Progressive Co. will post 13.2 EPS for the current year.

Insider Buying and Selling

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 13.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was 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 directly 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. Over the last three months, insiders have sold 59,209 shares of company stock valued at $14,975,979. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target 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. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Roth Mkm boosted their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Piper Sandler raised their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. Finally, Barclays boosted their target price on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $269.81.

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.