Intech Investment Management LLC Grows Stock Holdings in The Progressive Co. (NYSE:PGR)

Intech Investment Management LLC grew its holdings in The Progressive Co. (NYSE:PGR) by 6.7% during the 3rd quarter, Holdings Channel reports. The fund owned 413,293 shares of the insurance provider’s stock after buying an additional 25,838 shares during the period. Progressive comprises 1.2% of Intech Investment Management LLC’s portfolio, making the stock its 10th biggest holding. Intech Investment Management LLC’s holdings in Progressive were worth $104,877,000 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. Davis Capital Management purchased a new stake in shares of Progressive in the third quarter worth $25,000. WR Wealth Planners LLC increased its stake in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. Hilltop National Bank increased its stake in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. increased its stake in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares during the period. Finally, LRI Investments LLC purchased a new stake in Progressive during the first quarter worth $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Progressive stock opened at $256.99 on Thursday. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $263.85. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm’s 50-day simple moving average is $252.58 and its 200 day simple moving average is $230.94. The firm has a market capitalization of $150.54 billion, a PE ratio of 18.68, a P/E/G ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, equities research analysts predict that The Progressive Co. will post 13.09 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 2,982 shares of the stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This represents a 9.23 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their position. 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.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PGR. The Goldman Sachs Group increased their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. BMO Capital Markets decreased their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Wells Fargo & Company raised their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, Piper Sandler raised their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

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.