Intelligence Driven Advisers LLC Takes Position in The Progressive Co. (NYSE:PGR)

Intelligence Driven Advisers LLC bought a new position in The Progressive Co. (NYSE:PGR) during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 962 shares of the insurance provider’s stock, valued at approximately $244,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Tokio Marine Asset Management Co. Ltd. lifted its position in Progressive by 2.6% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 16,917 shares of the insurance provider’s stock valued at $4,293,000 after purchasing an additional 435 shares during the last quarter. Metis Global Partners LLC lifted its holdings in shares of Progressive by 2.0% in the 3rd quarter. Metis Global Partners LLC now owns 29,386 shares of the insurance provider’s stock valued at $7,457,000 after acquiring an additional 590 shares during the last quarter. Bretton Capital Management LLC purchased a new position in Progressive in the third quarter worth about $8,476,000. Wealthstream Advisors Inc. bought a new stake in Progressive during the third quarter worth approximately $204,000. Finally, Huntington National Bank lifted its stake in shares of Progressive by 0.8% in the 3rd quarter. Huntington National Bank now owns 26,274 shares of the insurance provider’s stock valued at $6,667,000 after purchasing an additional 201 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Stock Down 1.2 %

PGR stock traded down $3.17 during trading on Thursday, reaching $258.20. 200,916 shares of the company traded hands, compared to its average volume of 2,452,354. The company has a market capitalization of $151.26 billion, a price-to-earnings ratio of 18.99, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36. 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 business has a 50 day simple moving average of $251.92 and a 200 day simple moving average of $229.29. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.85.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for 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 research analysts anticipate that The Progressive Co. will post 13.15 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several research firms have recently weighed in on PGR. Wells Fargo & Company boosted their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Monday. Keefe, Bruyette & Woods lifted their price target on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley increased their price objective on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Finally, HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research note on Monday, August 12th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $269.56.

Insider Activity

In related news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Steven Broz sold 6,122 shares of Progressive 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 directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. The trade was a 0.00 % 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, 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 value of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,331 shares of company stock worth $16,415,812. Insiders own 0.34% of the company’s stock.

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.