Caisse DE Depot ET Placement DU Quebec Has $33.75 Million Stake in Progressive Corp (PGR)
Caisse DE Depot ET Placement DU Quebec lifted its holdings in shares of Progressive Corp (NYSE:PGR) by 0.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 694,048 shares of the insurance provider’s stock after purchasing an additional 1,900 shares during the quarter. Caisse DE Depot ET Placement DU Quebec owned approximately 0.12% of Progressive worth $33,747,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in PGR. Mckinley Capital Management LLC Delaware acquired a new position in shares of Progressive during the 2nd quarter worth $101,000. IFP Advisors Inc increased its stake in shares of Progressive by 12.9% during the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after purchasing an additional 341 shares during the last quarter. Fiduciary Trust Co. acquired a new position in shares of Progressive during the 2nd quarter worth $143,000. YorkBridge Wealth Partners LLC increased its stake in shares of Progressive by 12.9% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 3,727 shares of the insurance provider’s stock worth $165,000 after purchasing an additional 427 shares during the last quarter. Finally, Dupont Capital Management Corp acquired a new position in shares of Progressive during the 2nd quarter worth $186,000. Institutional investors own 79.55% of the company’s stock.
Progressive Corp (NYSE:PGR) traded down $0.11 during trading hours on Wednesday, reaching $54.25. 3,880,700 shares of the company were exchanged, compared to its average volume of 3,093,913. Progressive Corp has a 1-year low of $33.33 and a 1-year high of $54.75. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36. The firm has a market cap of $31,615.78, a price-to-earnings ratio of 23.74, a PEG ratio of 3.10 and a beta of 0.94.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The firm had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.04 billion. During the same period in the prior year, the firm earned $0.34 EPS. The business’s revenue was up 18.1% on a year-over-year basis. equities analysts anticipate that Progressive Corp will post 2.39 EPS for the current fiscal year.
In other Progressive news, insider M Jeffrey Charney sold 6,000 shares of the stock in a transaction on Friday, October 20th. The shares were sold at an average price of $48.90, for a total value of $293,400.00. Following the completion of the sale, the insider now directly owns 108,038 shares of the company’s stock, valued at approximately $5,283,058.20. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Jeffrey W. Basch sold 9,000 shares of the stock in a transaction on Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total transaction of $434,070.00. Following the completion of the sale, the insider now directly owns 70,965 shares of the company’s stock, valued at $3,422,641.95. The disclosure for this sale can be found here. Over the last three months, insiders sold 21,000 shares of company stock valued at $1,024,470. Insiders own 0.56% of the company’s stock.
PGR has been the topic of several analyst reports. B. Riley restated a “hold” rating and set a $46.00 price target on shares of Progressive in a research note on Wednesday, November 15th. Morgan Stanley increased their price target on shares of Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 18th. Barclays raised their target price on shares of Progressive from $41.00 to $43.00 and gave the company an “underweight” rating in a research note on Monday, October 16th. Credit Suisse Group raised their target price on shares of Progressive from $38.00 to $42.00 and gave the company an “underperform” rating in a research note on Monday, September 18th. Finally, Buckingham Research initiated coverage on shares of Progressive in a research note on Monday, September 11th. They issued an “underperform” rating and a $40.00 target price on the stock. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have given a buy rating and two have issued a strong buy rating to the stock. Progressive currently has a consensus rating of “Hold” and an average price target of $49.71.
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The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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