Penserra Capital Management LLC Grows Stake in The Progressive Co. (NYSE:PGR)

Penserra Capital Management LLC raised its stake in shares of The Progressive Co. (NYSE:PGR) by 71.6% during the third quarter, HoldingsChannel reports. The firm owned 7,076 shares of the insurance provider’s stock after buying an additional 2,953 shares during the quarter. Penserra Capital Management LLC’s holdings in Progressive were worth $1,794,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of PGR. Diversified Trust Co lifted 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 worth $6,531,000 after buying an additional 11,770 shares during the last quarter. Sycomore Asset Management boosted its stake in shares of Progressive by 9.5% during the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after purchasing an additional 2,450 shares during the period. Sumitomo Life Insurance Co. bought a new position in Progressive during the 2nd quarter valued at about $981,000. Tidal Investments LLC raised its position in Progressive by 22.2% in the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after purchasing an additional 5,691 shares during the period. Finally, Advisors Asset Management Inc. lifted its stake in Progressive by 88.7% in the first quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock worth $1,577,000 after purchasing an additional 3,585 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

PGR stock opened at $265.89 on Tuesday. The firm has a 50-day simple moving average of $253.25 and a two-hundred day simple moving average of $232.11. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a one year low of $149.14 and a one year high of $266.89. The firm has a market cap of $155.76 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, equities analysts forecast that The Progressive Co. will post 13.17 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on PGR shares. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Wells Fargo & Company boosted their target price on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Roth Mkm raised their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Morgan Stanley boosted their price objective on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Finally, 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 report on Friday, November 8th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

Insider Transactions at Progressive

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the transaction, the insider now 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 transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’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 sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 8.39 % 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 quarter. 0.34% of the stock is currently owned by corporate 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.