GSA Capital Partners LLP Reduces Position in The Progressive Co. (NYSE:PGR)

GSA Capital Partners LLP decreased its position in shares of The Progressive Co. (NYSE:PGR) by 33.4% during the 3rd quarter, Holdings Channel.com reports. The firm owned 16,912 shares of the insurance provider’s stock after selling 8,471 shares during the quarter. Progressive accounts for 0.3% of GSA Capital Partners LLP’s investment portfolio, making the stock its 7th biggest holding. GSA Capital Partners LLP’s holdings in Progressive were worth $4,292,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oppenheimer & Co. Inc. increased its holdings in shares of Progressive by 21.3% in the first quarter. Oppenheimer & Co. Inc. now owns 6,638 shares of the insurance provider’s stock valued at $1,373,000 after buying an additional 1,166 shares in the last quarter. Avantax Advisory Services Inc. increased its holdings in shares of Progressive by 3.1% in the first quarter. Avantax Advisory Services Inc. now owns 13,090 shares of the insurance provider’s stock valued at $2,707,000 after buying an additional 389 shares in the last quarter. Bleakley Financial Group LLC increased its holdings in shares of Progressive by 3.2% in the first quarter. Bleakley Financial Group LLC now owns 11,989 shares of the insurance provider’s stock valued at $2,480,000 after buying an additional 368 shares in the last quarter. Edmond DE Rothschild Holding S.A. increased its holdings in shares of Progressive by 11.2% in the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,646 shares of the insurance provider’s stock valued at $340,000 after buying an additional 166 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its holdings in shares of Progressive by 25.4% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 345,161 shares of the insurance provider’s stock valued at $71,386,000 after buying an additional 69,951 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on the stock. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. The Goldman Sachs Group lifted their price objective on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. TD Cowen lifted their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Finally, Citigroup lowered their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Progressive has an average rating of “Moderate Buy” and an average target price of $269.56.

Progressive Stock Down 0.6 %

PGR stock opened at $259.89 on Tuesday. The company has a current ratio of 0.30, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. The company has a fifty day simple moving average of $251.41 and a 200 day simple moving average of $228.33. The firm has a market cap of $152.25 billion, a PE ratio of 18.89, a PEG ratio of 0.72 and a beta of 0.36.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Sell-side analysts anticipate that The Progressive Co. will post 13.15 EPS for the current fiscal year.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the transaction, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 74,843 shares of company stock valued at $18,674,912 in the last quarter. 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.