The Progressive Co. (NYSE:PGR) Shares Acquired by Los Angeles Capital Management LLC

by · The Markets Daily

Los Angeles Capital Management LLC grew its position in shares of The Progressive Co. (NYSE:PGR – Free Report) by 8.1% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 817,322 shares of the insurance provider’s stock after buying an additional 61,265 shares during the period. Progressive comprises 0.8% of Los Angeles Capital Management LLC’s portfolio, making the stock its 21st largest position. Los Angeles Capital Management LLC owned 0.14% of Progressive worth $207,404,000 at the end of the most recent quarter.

A number of other large investors also recently bought and sold shares of the company. Vanguard Group Inc. increased its position in Progressive by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after acquiring an additional 285,070 shares during the period. Capital International Investors increased its position in Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after acquiring an additional 670,006 shares during the period. Legal & General Group Plc increased its position in Progressive by 1.9% in the 2nd 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 period. American Century Companies Inc. increased its position in Progressive by 3.0% in the 2nd quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock valued at $497,003,000 after acquiring an additional 69,709 shares during the period. Finally, TD Asset Management Inc increased its position in Progressive by 16.8% in the 1st quarter. TD Asset Management Inc now owns 1,698,526 shares of the insurance provider’s stock valued at $351,289,000 after acquiring an additional 244,541 shares during the period. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on PGR. Barclays raised their price objective on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. BMO Capital Markets decreased their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Morgan Stanley raised their target price on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Finally, Roth Mkm lifted their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.56.

View Our Latest Stock Report on Progressive

Progressive Price Performance

NYSE PGR traded up $6.25 during trading on Friday, reaching $261.52. 2,603,589 shares of the company traded hands, compared to its average volume of 2,472,977. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.30. The stock’s 50 day moving average price is $251.41 and its two-hundred day moving average price is $228.22. The company has a market cap of $153.20 billion, a price-to-earnings ratio of 19.01, a P/E/G ratio of 0.72 and a beta of 0.36. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $263.39.

Progressive (NYSE:PGR – Get Free Report) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, analysts anticipate that The Progressive Co. will post 13.14 EPS for the current year.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares in the company, valued at approximately $7,600,400.04. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In related news, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’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 completion of the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock worth $18,674,912 in the last quarter. Insiders own 0.34% of the company’s stock.

Progressive Profile

(Free Report)

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.

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