The Progressive Co. (NYSE:PGR) Shares Bought by Brooklyn Investment Group

Brooklyn Investment Group lifted its position in shares of The Progressive Co. (NYSE:PGR) by 12.0% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 3,329 shares of the insurance provider’s stock after purchasing an additional 358 shares during the period. Brooklyn Investment Group’s holdings in Progressive were worth $845,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. Prospector Partners LLC increased its position in Progressive by 0.4% during the third quarter. Prospector Partners LLC now owns 115,404 shares of the insurance provider’s stock worth $29,285,000 after buying an additional 509 shares during the period. D.A. Davidson & CO. grew its position in shares of Progressive by 2.2% during the third quarter. D.A. Davidson & CO. now owns 17,592 shares of the insurance provider’s stock worth $4,464,000 after acquiring an additional 383 shares during the last quarter. FMR LLC grew 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 worth $2,669,204,000 after acquiring an additional 170,618 shares during the last quarter. Qsemble Capital Management LP increased its holdings in shares of Progressive by 22.1% in the 3rd quarter. Qsemble Capital Management LP now owns 18,696 shares of the insurance provider’s stock valued at $4,744,000 after acquiring an additional 3,386 shares during the period. Finally, Bank of Montreal Can raised its position in Progressive by 13.9% in the 3rd quarter. Bank of Montreal Can now owns 1,019,970 shares of the insurance provider’s stock valued at $256,114,000 after purchasing an additional 124,349 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a report on Monday, August 12th. Jefferies Financial Group increased their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Finally, Barclays upped their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Progressive Stock Performance

Shares of PGR opened at $263.77 on Tuesday. The company has a market capitalization of $154.52 billion, a PE ratio of 19.32, a P/E/G ratio of 0.74 and a beta of 0.36. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $266.89. The company has a 50-day simple moving average of $253.25 and a 200-day simple moving average of $232.11. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last issued 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 during 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%. Equities research analysts predict that The Progressive Co. will post 13.17 earnings per share for the current fiscal year.

Insider Activity at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred on 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 sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock valued at $14,975,979 in the last ninety days. Corporate insiders own 0.34% of the company’s stock.

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.