Flinton Capital Management LLC Boosts Stake in Progressive Corp (PGR)

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Flinton Capital Management LLC lifted its position in shares of Progressive Corp (NYSE:PGR) by 30.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 131,968 shares of the insurance provider’s stock after acquiring an additional 30,688 shares during the period. Flinton Capital Management LLC’s holdings in Progressive were worth $7,806,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Trexquant Investment LP lifted its holdings in shares of Progressive by 41.2% during the second quarter. Trexquant Investment LP now owns 84,776 shares of the insurance provider’s stock worth $5,015,000 after buying an additional 24,722 shares in the last quarter. Natixis increased its position in shares of Progressive by 259.2% in the first quarter. Natixis now owns 874,732 shares of the insurance provider’s stock worth $53,297,000 after purchasing an additional 631,192 shares during the period. Steward Partners Investment Advisory LLC increased its position in shares of Progressive by 114.8% in the second quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock worth $201,000 after purchasing an additional 1,819 shares during the period. HL Financial Services LLC increased its position in shares of Progressive by 1.0% in the second quarter. HL Financial Services LLC now owns 2,042,107 shares of the insurance provider’s stock worth $120,791,000 after purchasing an additional 19,571 shares during the period. Finally, Gideon Capital Advisors Inc. increased its position in shares of Progressive by 97.1% in the second quarter. Gideon Capital Advisors Inc. now owns 14,336 shares of the insurance provider’s stock worth $848,000 after purchasing an additional 7,061 shares during the period. 80.24% of the stock is owned by institutional investors.

In other Progressive news, insider William M. Cody sold 50,000 shares of Progressive stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $66.90, for a total value of $3,345,000.00. Following the transaction, the insider now owns 116,838 shares in the company, valued at $7,816,462.20. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 12,600 shares of Progressive stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.14, for a total value of $808,164.00. Following the completion of the transaction, the chief executive officer now owns 265,856 shares in the company, valued at approximately $17,052,003.84. The disclosure for this sale can be found here. In the last quarter, insiders sold 106,103 shares of company stock worth $6,837,205. Company insiders own 0.70% of the company’s stock.

A number of research analysts recently commented on PGR shares. Wells Fargo & Co set a $64.00 price target on Progressive and gave the stock a “hold” rating in a research report on Wednesday, May 16th. Keefe, Bruyette & Woods cut Progressive from an “outperform” rating to a “market perform” rating and set a $45.00 price target on the stock. in a research report on Thursday, May 17th. Buckingham Research raised their price target on Progressive from $48.00 to $52.00 and gave the stock an “underperform” rating in a research report on Thursday, May 17th. ValuEngine cut Progressive from a “buy” rating to a “hold” rating in a research report on Thursday, May 17th. Finally, Deutsche Bank raised their price target on Progressive from $60.00 to $62.00 and gave the stock a “hold” rating in a research report on Monday, May 21st. Two analysts have rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $62.36.

Progressive stock opened at $68.79 on Thursday. Progressive Corp has a 12-month low of $43.59 and a 12-month high of $68.95. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. The stock has a market capitalization of $39.34 billion, a price-to-earnings ratio of 26.16, a price-to-earnings-growth ratio of 2.05 and a beta of 0.69.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, beating the Zacks’ 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 firm had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $8.01 billion. During the same quarter in the previous year, the business posted $0.63 earnings per share. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. equities analysts anticipate that Progressive Corp will post 4.5 earnings per share for the current fiscal year.

About Progressive

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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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