Dynamic Technology Lab Private Ltd boosted its holdings in shares of Progressive Corp (NYSE:PGR) by 323.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 53,628 shares of the insurance provider’s stock after purchasing an additional 40,967 shares during the period. Progressive accounts for approximately 0.5% of Dynamic Technology Lab Private Ltd’s holdings, making the stock its 10th largest holding. Dynamic Technology Lab Private Ltd’s holdings in Progressive were worth $3,172,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in PGR. Summit Trail Advisors LLC increased its holdings in Progressive by 4,577.8% during the 1st quarter. Summit Trail Advisors LLC now owns 2,306,527 shares of the insurance provider’s stock valued at $2,307,000 after purchasing an additional 2,257,219 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Progressive by 16.2% during the 1st quarter. JPMorgan Chase & Co. now owns 11,676,418 shares of the insurance provider’s stock valued at $711,444,000 after purchasing an additional 1,630,692 shares in the last quarter. Artisan Partners Limited Partnership increased its holdings in Progressive by 9.6% during the 1st quarter. Artisan Partners Limited Partnership now owns 17,081,390 shares of the insurance provider’s stock valued at $1,040,769,000 after purchasing an additional 1,501,554 shares in the last quarter. Tremblant Capital Group acquired a new stake in Progressive during the 1st quarter valued at $77,534,000. Finally, Renaissance Technologies LLC boosted its position in Progressive by 19.6% in the 2nd quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock valued at $419,663,000 after buying an additional 1,163,500 shares during the last quarter. 80.27% of the stock is owned by hedge funds and other institutional investors.
In other news, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction on 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 directly owns 116,838 shares in the company, valued at approximately $7,816,462.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 7,503 shares of the firm’s stock in a transaction on Wednesday, July 18th. The stock was sold at an average price of $60.28, for a total value of $452,280.84. Following the completion of the transaction, the insider now owns 41,722 shares in the company, valued at $2,515,002.16. The disclosure for this sale can be found here. Insiders sold a total of 106,103 shares of company stock worth $6,837,205 over the last 90 days. 0.70% of the stock is owned by corporate insiders.
Shares of PGR opened at $68.82 on Friday. The firm has a market capitalization of $40.07 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 2.08 and a beta of 0.70. 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 $68.95.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, topping 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 analyst estimates of $8.01 billion. During the same period last year, the company earned $0.63 EPS. The firm’s revenue was up 20.0% on a year-over-year basis. analysts forecast that Progressive Corp will post 4.5 EPS for the current year.
PGR has been the topic of a number of recent research reports. Wells Fargo & Co reiterated a “hold” rating and issued a $64.00 price objective on shares of Progressive in a research report on Wednesday, August 15th. Deutsche Bank increased their price objective on Progressive from $60.00 to $62.00 and gave the company a “hold” rating in a research report on Monday, May 21st. Citigroup decreased their price objective on Progressive from $66.00 to $63.00 and set a “neutral” rating on the stock in a research report on Thursday, July 12th. ValuEngine upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. Finally, Argus upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research report on Friday, July 27th. Two equities research analysts have rated the stock with a sell rating, six have issued a hold rating and seven have issued a buy rating to the stock. Progressive presently has an average rating of “Hold” and a consensus target price of $62.36.
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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