Dynamic Technology Lab Private Ltd Acquires 9,370 Shares of The Progressive Corporation $PGR

Dynamic Technology Lab Private Ltd grew its holdings in The Progressive Corporation (NYSE:PGR) by 332.3% during the second quarter, Holdings Channel.com reports. The firm owned 12,190 shares of the insurance provider’s stock after acquiring an additional 9,370 shares during the quarter. Progressive accounts for about 0.4% of Dynamic Technology Lab Private Ltd’s portfolio, making the stock its 12th biggest position. Dynamic Technology Lab Private Ltd’s holdings in Progressive were worth $3,253,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in PGR. Atlantic Union Bankshares Corp acquired a new stake in Progressive in the 2nd quarter valued at $33,000. Westside Investment Management Inc. grew its holdings in shares of Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares in the last quarter. Ransom Advisory Ltd bought a new position in shares of Progressive in the 1st quarter valued at about $35,000. Activest Wealth Management increased its position 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 valued at $37,000 after acquiring an additional 127 shares during the last quarter. Finally, Richardson Financial Services Inc. raised its holdings in Progressive by 1,885.7% during the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 0.8%

Progressive stock opened at $223.00 on Thursday. The company’s 50-day moving average price is $229.78 and its two-hundred day moving average price is $249.23. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The stock has a market cap of $130.77 billion, a P/E ratio of 12.23, a P/E/G ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99.

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 analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter in the prior year, the firm earned $3.58 EPS. As a group, analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on PGR. Jefferies Financial Group lowered shares of Progressive from a “buy” rating to a “hold” rating and dropped their price target for the stock from $261.00 to $232.00 in a research report on Friday, November 14th. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. UBS Group reduced their price target on Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a report on Wednesday, October 8th. Bank of America lowered their price target on Progressive from $351.00 to $346.00 and set a “buy” rating on the stock in a research report on Wednesday. Finally, Evercore ISI dropped their price objective 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. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $265.65.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction dated 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 owned 29,043 shares of the company’s stock, valued at approximately $6,389,460. The trade was a 4.43% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 51,782 shares of company stock valued at $12,708,788. Company 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.