The Progressive Co. (NYSE:PGR) Shares Acquired by Blueshift Asset Management LLC

Blueshift Asset Management LLC increased its position in shares of The Progressive Co. (NYSE:PGR) by 122.1% in the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,616 shares of the insurance provider’s stock after purchasing an additional 7,486 shares during the quarter. Progressive makes up approximately 0.9% of Blueshift Asset Management LLC’s investment portfolio, making the stock its 13th largest position. Blueshift Asset Management LLC’s holdings in Progressive were worth $3,455,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Cynosure Group LLC lifted its stake in Progressive by 153.1% in the 3rd quarter. Cynosure Group LLC now owns 5,132 shares of the insurance provider’s stock worth $1,302,000 after purchasing an additional 3,104 shares in the last quarter. Townsquare Capital LLC increased its holdings in shares of Progressive by 90.9% in the third quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after purchasing an additional 3,720 shares during the last quarter. Baldwin Investment Management LLC purchased a new position in Progressive during the third quarter worth approximately $225,000. Avestar Capital LLC boosted its stake in Progressive by 7.4% during the third quarter. Avestar Capital LLC now owns 3,070 shares of the insurance provider’s stock worth $779,000 after buying an additional 211 shares during the last quarter. Finally, Brooklyn Investment Group grew its holdings in Progressive by 12.0% in the 3rd quarter. Brooklyn Investment Group now owns 3,329 shares of the insurance provider’s stock valued at $845,000 after buying an additional 358 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities research analysts recently 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. TD Cowen increased 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. Roth Mkm lifted their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Bank of America increased their price target on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday, November 18th. Finally, The Goldman Sachs Group boosted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned 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.

Progressive Stock Up 0.8 %

Shares of NYSE PGR opened at $268.00 on Wednesday. The stock has a market cap of $157.00 billion, a P/E ratio of 19.48, a PEG ratio of 0.74 and a beta of 0.36. The business’s fifty day simple moving average is $253.47 and its 200-day simple moving average is $232.47. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $268.16. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping 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 business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. As a group, equities analysts predict that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the sale, the insider now owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,209 shares of company stock worth $14,975,979. Corporate insiders own 0.34% of the company’s stock.

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.