Westfield Capital Management Co. LP Has $210.22 Million Stake in The Progressive Co. (NYSE:PGR)

Westfield Capital Management Co. LP reduced its stake in The Progressive Co. (NYSE:PGR) by 9.4% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 828,436 shares of the insurance provider’s stock after selling 86,039 shares during the quarter. Progressive accounts for 1.0% of Westfield Capital Management Co. LP’s portfolio, making the stock its 17th largest position. Westfield Capital Management Co. LP owned approximately 0.14% of Progressive worth $210,224,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Jennison Associates LLC boosted its position in Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after acquiring an additional 842,109 shares during the last quarter. International Assets Investment Management LLC boosted its position in Progressive by 29,701.6% during the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after purchasing an additional 594,330 shares during the last quarter. SG Americas Securities LLC grew its stake in shares of Progressive by 206.8% in the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after buying an additional 590,235 shares in the last quarter. Swedbank AB bought a new stake in Progressive during the first quarter worth $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its stake in Progressive by 457.2% in the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after purchasing an additional 534,754 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PGR has been the topic of a number of research analyst reports. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research note on Monday, August 12th. TD Cowen raised their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Piper Sandler upped their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. The Goldman Sachs Group raised their price objective on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Finally, JPMorgan Chase & Co. upped their target price on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average price target of $269.81.

Insider Activity

In related news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 13.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,209 shares of company stock worth $14,975,979. Insiders own 0.34% of the company’s stock.

Progressive Stock Up 1.0 %

PGR stock opened at $266.06 on Friday. 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 Progressive Co. has a 52 week low of $149.14 and a 52 week high of $266.18. The company has a market cap of $155.86 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36. The business has a 50-day simple moving average of $253.06 and a 200 day simple moving average of $231.63.

Progressive (NYSE:PGR) last announced its quarterly earnings data 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. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Sell-side analysts anticipate that The Progressive Co. will post 13.12 EPS for the current fiscal year.

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.