Cornerstone Advisors LLC Increases Stake in The Progressive Corporation $PGR

Cornerstone Advisors LLC boosted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 5.3% during the second quarter, Holdings Channel.com reports. The institutional investor owned 23,800 shares of the insurance provider’s stock after buying an additional 1,200 shares during the period. Cornerstone Advisors LLC’s holdings in Progressive were worth $6,351,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Rise Advisors LLC raised its stake in shares of Progressive by 7.4% in the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after acquiring an additional 36 shares in the last quarter. Pinnacle Wealth Management Advisory Group LLC increased its holdings in Progressive by 2.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock worth $545,000 after purchasing an additional 39 shares during the period. LRI Investments LLC increased its holdings in Progressive by 13.4% during the 2nd quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock worth $90,000 after purchasing an additional 40 shares during the period. True North Advisors LLC raised its position in Progressive by 4.0% in the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock valued at $299,000 after purchasing an additional 41 shares in the last quarter. Finally, Prosperity Consulting Group LLC boosted its stake in shares of Progressive by 1.1% in the 1st quarter. Prosperity Consulting Group LLC now owns 3,824 shares of the insurance provider’s stock valued at $1,082,000 after buying an additional 42 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction that occurred on Friday, August 22nd. The stock was sold at an average price of $250.78, for a total transaction of $556,230.04. Following the transaction, the insider owned 45,724 shares of the company’s stock, valued at $11,466,664.72. The trade was a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,345 shares of the stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $220.00, for a total value of $295,900.00. Following the completion of the sale, the insider directly owned 29,043 shares of the company’s stock, valued at $6,389,460. The trade was a 4.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders have sold 51,782 shares of company stock worth $12,708,788. 0.34% of the stock is owned by corporate insiders.

Progressive Price Performance

Shares of NYSE:PGR opened at $225.23 on Friday. The Progressive Corporation has a 12 month low of $199.90 and a 12 month high of $292.99. The firm 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 company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The company’s fifty day moving average price is $231.02 and its 200 day moving average price is $250.41.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate 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 for the quarter, compared to analysts’ expectations of $21.64 billion. During the same period in the previous year, the business posted $3.58 EPS. As a group, sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent research reports. Morgan Stanley set a $214.00 target price on shares of Progressive and gave the stock an “underweight” rating in a research note on Monday, October 20th. Jefferies Financial Group downgraded shares of Progressive from a “buy” rating to a “hold” rating and dropped their price objective for the company from $261.00 to $232.00 in a research report on Friday. Barclays decreased their price objective on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research report on Monday, October 20th. UBS Group dropped their target price on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Finally, The Goldman Sachs Group decreased their price target on Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a report on Monday, October 27th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $266.46.

Progressive 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.