Pinnbrook Capital Management LP Purchases 40,953 Shares of The Progressive Corporation $PGR

Pinnbrook Capital Management LP lifted its position in The Progressive Corporation (NYSE:PGR) by 330.9% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 53,331 shares of the insurance provider’s stock after buying an additional 40,953 shares during the period. Progressive comprises 1.6% of Pinnbrook Capital Management LP’s portfolio, making the stock its 18th largest holding. Pinnbrook Capital Management LP’s holdings in Progressive were worth $14,232,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. Atlantic Union Bankshares Corp bought a new position in Progressive in the 2nd quarter valued at approximately $33,000. Ransom Advisory Ltd bought a new stake in shares of Progressive in the 1st quarter worth $35,000. Activest Wealth Management raised its stake in shares of Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 127 shares during the last quarter. Westside Investment Management Inc. lifted 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 valued at $34,000 after purchasing an additional 117 shares in the last quarter. Finally, Accent Capital Management LLC purchased a new stake in shares of Progressive during the first quarter valued at $39,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities analysts have weighed in on PGR shares. Raymond James Financial decreased their target price on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research report on Wednesday, August 13th. Morgan Stanley set a $214.00 target price on shares of Progressive and gave the company an “underweight” rating in a research note on Monday, October 20th. Finally, Evercore ISI dropped their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Seven investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and an average price target of $266.46.

Progressive Price Performance

Shares of NYSE:PGR opened at $225.23 on Friday. The company has a market capitalization of $132.08 billion, a P/E ratio of 12.36, a P/E/G ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The firm’s 50 day simple moving average is $231.02 and its two-hundred day simple moving average is $250.59. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (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 firm had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. During the same period last year, the company earned $3.58 earnings per share. Research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Insider Activity at Progressive

In related news, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $220.00, for a total transaction of $295,900.00. Following the completion of the sale, the insider owned 29,043 shares in the company, valued at approximately $6,389,460. This represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 51,782 shares of company stock worth $12,708,788 in the last three months. Insiders own 0.34% of the company’s stock.

About Progressive

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.