Marietta Investment Partners LLC Increases Stake in Progressive Corp (PGR)

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Marietta Investment Partners LLC grew its holdings in Progressive Corp (NYSE:PGR) by 1.1% in the second quarter, HoldingsChannel reports. The firm owned 109,691 shares of the insurance provider’s stock after buying an additional 1,206 shares during the quarter. Progressive accounts for about 2.0% of Marietta Investment Partners LLC’s portfolio, making the stock its 16th biggest position. Marietta Investment Partners LLC’s holdings in Progressive were worth $6,488,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Trust Co. of Vermont increased its stake in Progressive by 82.4% during the second quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after acquiring an additional 906 shares during the last quarter. Signaturefd LLC purchased a new stake in shares of Progressive during the 1st quarter worth about $122,000. Cerebellum GP LLC purchased a new position in Progressive in the 2nd quarter valued at about $168,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in Progressive by 8,571.8% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock valued at $200,000 after acquiring an additional 3,343 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC increased its holdings in shares of Progressive by 114.8% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock worth $201,000 after buying an additional 1,819 shares during the last quarter. Hedge funds and other institutional investors own 82.16% of the company’s stock.

In other news, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction that occurred on Monday, August 20th. The shares were sold at an average price of $66.90, for a total transaction of $3,345,000.00. Following the completion of the sale, the insider now owns 116,838 shares in the company, valued at approximately $7,816,462.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Jo Murphy sold 7,503 shares of Progressive stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $60.28, for a total transaction of $452,280.84. Following the completion of the sale, the insider now owns 41,722 shares of the company’s stock, valued at approximately $2,515,002.16. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 106,103 shares of company stock valued at $6,837,205. 0.70% of the stock is owned by company insiders.

PGR has been the subject of a number of research reports. Citigroup boosted their price target on shares of Progressive from $63.00 to $65.00 and gave the company a “neutral” rating in a research report on Thursday, August 16th. Buckingham Research raised shares of Progressive to a “sell” rating and set a $52.00 price objective on the stock in a research note on Wednesday, July 18th. Wells Fargo & Co reissued a “hold” rating and issued a $64.00 price objective on shares of Progressive in a research report on Wednesday, August 15th. Keefe, Bruyette & Woods lowered shares of Progressive from an “outperform” rating to a “market perform” rating and set a $45.00 price target for the company. in a report on Thursday, May 17th. Finally, Morgan Stanley raised their price target on shares of Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a research report on Wednesday, July 18th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company’s stock. Progressive presently has a consensus rating of “Hold” and a consensus target price of $62.36.

NYSE PGR traded down $0.29 on Wednesday, hitting $66.93. The company’s stock had a trading volume of 30,477 shares, compared to its average volume of 3,370,947. The stock has a market cap of $38.61 billion, a P/E ratio of 25.47, a price-to-earnings-growth ratio of 2.01 and a beta of 0.68. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current ratio of 0.43. Progressive Corp has a 52-week low of $43.59 and a 52-week high of $67.63.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.11. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The business had revenue of $8.10 billion for the quarter, compared to the consensus estimate of $8.01 billion. During the same period in the previous year, the business earned $0.63 earnings per share. The business’s revenue was up 20.0% on a year-over-year basis. sell-side analysts predict that Progressive Corp will post 4.5 earnings per share for the current year.

Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

Further Reading: Diversification Important in Investing

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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