Cinctive Capital Management LP Has $3.28 Million Stake in The Progressive Co. (NYSE:PGR)

Cinctive Capital Management LP cut its position in shares of The Progressive Co. (NYSE:PGR) by 50.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 12,911 shares of the insurance provider’s stock after selling 13,029 shares during the quarter. Cinctive Capital Management LP’s holdings in Progressive were worth $3,276,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of PGR. Benjamin Edwards Inc. boosted its position in shares of Progressive by 340.5% during the 3rd quarter. Benjamin Edwards Inc. now owns 37,685 shares of the insurance provider’s stock valued at $9,564,000 after purchasing an additional 29,129 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progressive during the 3rd quarter worth approximately $49,000. Kestra Investment Management LLC boosted its holdings in shares of Progressive by 11.8% during the 3rd quarter. Kestra Investment Management LLC now owns 3,918 shares of the insurance provider’s stock worth $994,000 after buying an additional 412 shares in the last quarter. Point72 Hong Kong Ltd acquired a new stake in shares of Progressive during the 3rd quarter worth approximately $7,532,000. Finally, Erste Asset Management GmbH acquired a new position in shares of Progressive during the 3rd quarter valued at $125,044,000. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 9.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction dated 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 in the company, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 15,839 shares of company stock valued at $4,038,065. Insiders own 0.34% of the company’s stock.

Progressive Stock Down 1.8 %

PGR opened at $263.97 on Tuesday. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $270.62. 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 company’s 50-day moving average is $254.08 and its 200 day moving average is $233.65. The firm has a market capitalization of $154.64 billion, a P/E ratio of 19.18, a PEG ratio of 0.74 and a beta of 0.38.

Progressive (NYSE:PGR) last posted its 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 firm had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Research analysts expect that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms have commented on PGR. 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 report on Monday, September 16th. The Goldman Sachs Group raised their target price on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. JPMorgan Chase & Co. boosted 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. Morgan Stanley raised their price objective on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Finally, Keefe, Bruyette & Woods upped their target price on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $269.81.

Progressive 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.