The Progressive Co. (NYSE:PGR) Sees Large Decline in Short Interest

The Progressive Co. (NYSE:PGR) was the target of a significant decline in short interest during the month of November. As of November 15th, there was short interest totalling 4,280,000 shares, a decline of 16.2% from the October 31st total of 5,110,000 shares. Based on an average daily volume of 2,280,000 shares, the days-to-cover ratio is currently 1.9 days. Approximately 0.7% of the company’s stock are short sold.

Progressive Stock Up 0.8 %

Progressive stock opened at $268.88 on Friday. Progressive has a 12 month low of $149.14 and a 12 month high of $270.62. The stock has a market capitalization of $157.51 billion, a PE ratio of 19.54, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The business has a 50 day simple moving average of $254.08 and a 200-day simple moving average of $233.48.

Progressive (NYSE:PGR) last issued its quarterly 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 company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, analysts anticipate that Progressive will post 13.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction dated Monday, October 21st. The stock was 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 in the company, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Davis Capital Management purchased a new position in shares of Progressive in the third quarter valued at approximately $25,000. WR Wealth Planners LLC lifted its holdings in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. boosted its stake in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Hilltop National Bank grew its holdings in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares in the last quarter. Finally, LRI Investments LLC acquired a new stake in shares of Progressive in the first quarter valued at about $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. JPMorgan Chase & Co. lifted their price target on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods upped their target price on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. 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 report on Monday, September 16th. TD Cowen increased their price objective 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. Finally, Evercore ISI boosted their target price on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Five investment 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 company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $269.81.

Progressive Company Profile

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.