Impax Asset Management Group plc Boosts Position in The Progressive Corporation $PGR

Impax Asset Management Group plc raised its position in shares of The Progressive Corporation (NYSE:PGR) by 77.7% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 237,624 shares of the insurance provider’s stock after purchasing an additional 103,871 shares during the quarter. Impax Asset Management Group plc’s holdings in Progressive were worth $63,412,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Atlantic Union Bankshares Corp purchased a new stake in Progressive during the second quarter valued at approximately $33,000. Westside Investment Management Inc. raised its holdings in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the period. Ransom Advisory Ltd purchased a new position in Progressive during the first quarter valued at $35,000. Activest Wealth Management grew its holdings in Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 127 shares during the period. Finally, Richardson Financial Services Inc. increased its position in Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after buying an additional 132 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the firm’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction on Tuesday, November 11th. The stock was sold at an average price of $220.00, for a total value of $295,900.00. Following the completion of the transaction, the insider directly 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 disclosure for this sale is available in the SEC filing. Insiders sold a total of 51,782 shares of company stock worth $12,708,788 over the last quarter. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research analysts have recently weighed in on PGR shares. Cantor Fitzgerald raised Progressive to a “hold” rating in a research report on Wednesday, August 13th. Barclays dropped their price target 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. Weiss Ratings reissued a “buy (b-)” rating on shares of Progressive in a research note on Friday, October 31st. Jefferies Financial Group lowered their target price on shares of Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a research note on Monday, August 11th. Finally, Evercore ISI cut their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Eight investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $269.90.

Progressive Stock Performance

Shares of NYSE:PGR opened at $221.81 on Thursday. The firm has a fifty day simple moving average of $231.91 and a two-hundred day simple moving average of $251.09. 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 Progressive Corporation has a 52 week low of $199.90 and a 52 week high of $292.99. The stock has a market capitalization of $130.07 billion, a P/E ratio of 12.17, a PEG ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the prior year, the company posted $3.58 EPS. On average, analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

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.