Point72 Asset Management L.P. boosted its holdings in shares of Progressive Corp (NYSE:PGR) by 67.7% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 802,672 shares of the insurance provider’s stock after purchasing an additional 324,140 shares during the period. Point72 Asset Management L.P. owned approximately 0.14% of Progressive worth $38,865,000 as of its most recent filing with the SEC.

A number of other institutional investors have also modified their holdings of PGR. Vanguard Group Inc. boosted its holdings in shares of Progressive by 2.9% in the second quarter. Vanguard Group Inc. now owns 38,642,819 shares of the insurance provider’s stock valued at $1,703,762,000 after acquiring an additional 1,091,051 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Progressive by 1.8% in the second quarter. BlackRock Inc. now owns 36,533,106 shares of the insurance provider’s stock valued at $1,610,745,000 after acquiring an additional 636,087 shares in the last quarter. Artisan Partners Limited Partnership boosted its holdings in shares of Progressive by 23.8% in the third quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock valued at $694,793,000 after acquiring an additional 2,762,934 shares in the last quarter. Janus Henderson Group PLC boosted its holdings in shares of Progressive by 40.0% in the third quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock valued at $438,742,000 after acquiring an additional 2,588,522 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of Progressive by 55.9% in the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock valued at $362,783,000 after acquiring an additional 2,687,224 shares in the last quarter. 79.55% of the stock is currently owned by institutional investors.

Shares of Progressive Corp (NYSE:PGR) traded up $0.27 on Wednesday, reaching $55.15. 4,154,700 shares of the company’s stock were exchanged, compared to its average volume of 3,080,500. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $31,918.21, a PE ratio of 23.97, a P/E/G ratio of 3.12 and a beta of 0.94. Progressive Corp has a one year low of $34.36 and a one year high of $55.81.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.34 by $0.07. The company had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $7.04 billion. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The firm’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.34 earnings per share. research analysts predict that Progressive Corp will post 2.4 earnings per share for the current fiscal year.

PGR has been the topic of a number of research analyst reports. Keefe, Bruyette & Woods reissued a “buy” rating and set a $60.00 price objective on shares of Progressive in a report on Wednesday, December 6th. Goldman Sachs Group initiated coverage on shares of Progressive in a report on Monday, December 4th. They set a “buy” rating and a $57.00 price objective on the stock. UBS reissued a “buy” rating and set a $62.00 price objective on shares of Progressive in a report on Friday, December 1st. MKM Partners boosted their price objective on shares of Progressive to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 16th. Finally, B. Riley reissued a “hold” rating and set a $46.00 price objective on shares of Progressive in a report on Wednesday, November 15th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $49.82.

In other Progressive news, CMO M Jeffrey Charney sold 6,000 shares of Progressive stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total transaction of $297,000.00. Following the completion of the transaction, the chief marketing officer now owns 102,038 shares in the company, valued at $5,050,881. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Jeffrey W. Basch sold 9,000 shares of Progressive stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the transaction, the insider now owns 70,965 shares of the company’s stock, valued at approximately $3,422,641.95. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 21,000 shares of company stock valued at $1,024,470. 0.56% of the stock is currently owned by company insiders.

ILLEGAL ACTIVITY NOTICE: “Point72 Asset Management L.P. Raises Holdings in Progressive Corp (PGR)” was originally posted by The Cerbat Gem and is owned by of The Cerbat Gem. If you are accessing this piece of content on another publication, it was illegally stolen and republished in violation of U.S. & international copyright & trademark law. The legal version of this piece of content can be accessed at https://www.thecerbatgem.com/2017/12/13/point72-asset-management-l-p-raises-holdings-in-progressive-corp-pgr.html.

Progressive Company Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

Receive News & Stock Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related stocks with our FREE daily email newsletter.