Fisher Asset Management LLC Has $2.19 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Fisher Asset Management LLC decreased its stake in The Progressive Co. (NYSE:PGR) by 6.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 8,643 shares of the insurance provider’s stock after selling 590 shares during the period. Fisher Asset Management LLC’s holdings in Progressive were worth $2,193,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in PGR. Diversified Trust Co raised its position in Progressive by 84.3% in the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after purchasing an additional 11,770 shares during the last quarter. Sycomore Asset Management raised its holdings in Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after buying an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. bought a new position in Progressive in the 2nd quarter valued at approximately $981,000. Cumberland Partners Ltd boosted its position in Progressive by 116.7% during the 3rd quarter. Cumberland Partners Ltd now owns 6,500 shares of the insurance provider’s stock worth $1,649,000 after buying an additional 3,500 shares during the period. Finally, Jennison Associates LLC increased its position in Progressive by 21.6% in the 3rd 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 period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $268.93 on Friday. The Progressive Co. has a one year low of $149.14 and a one year high of $270.62. The company has a market cap of $157.54 billion, a PE ratio of 19.54, a P/E/G ratio of 0.74 and a beta of 0.36. The stock has a 50-day moving average of $254.08 and a 200-day moving average of $233.34. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $18.95 billion. On average, equities research analysts predict that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts have recently commented on PGR shares. BMO Capital Markets cut their price target 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 upped their price target on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. TD Cowen raised their price objective on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Wells Fargo & Company upped their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Finally, Bank of America raised their price target on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $269.81.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their position. The transaction 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 that occurred on Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the sale, the insider now directly owns 15,189 shares of the company’s stock, valued at $3,876,384.69. This represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is owned by company insiders.

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.