The Progressive Corporation $PGR is Van Cleef Asset Management Inc’s Largest Position

Van Cleef Asset Management Inc lifted its position in The Progressive Corporation (NYSE:PGR) by 1.7% during the 2nd quarter, according to its most recent disclosure with the SEC. The fund owned 753,288 shares of the insurance provider’s stock after purchasing an additional 12,432 shares during the period. Progressive comprises approximately 21.7% of Van Cleef Asset Management Inc’s portfolio, making the stock its biggest holding. Van Cleef Asset Management Inc owned about 0.13% of Progressive worth $201,023,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. TruNorth Capital Management LLC grew its holdings in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 63 shares during the last quarter. Atlantic Union Bankshares Corp bought a new position in shares of Progressive during the second quarter valued at about $33,000. Westside Investment Management Inc. boosted its holdings in shares of Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the period. Ransom Advisory Ltd purchased a new stake in Progressive in the 1st quarter worth approximately $35,000. Finally, Activest Wealth Management grew its position in shares of Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Stock Performance

PGR stock opened at $217.16 on Friday. The stock’s 50 day simple moving average is $233.53 and its 200 day simple moving average is $252.14. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99. The stock has a market capitalization of $127.30 billion, a PE ratio of 11.91, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the previous year, the business posted $3.58 EPS. As a group, research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, the insider owned 39,040 shares of the company’s stock, valued at $9,767,027.20. This trade represents a 17.12% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the sale, the insider owned 30,388 shares of the company’s stock, valued at $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 58,500 shares of company stock worth $14,430,089 in the last three months. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of equities analysts recently commented on the company. Citigroup decreased their target price on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a report on Thursday, October 16th. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. Zacks Research cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Finally, The Goldman Sachs Group dropped their price objective on shares of Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Eight research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $269.90.

Progressive Company 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.