King Luther Capital Management Corp Takes Position in The Progressive Co. (NYSE:PGR)

King Luther Capital Management Corp acquired a new stake in The Progressive Co. (NYSE:PGRGet Rating) in the second quarter, HoldingsChannel reports. The institutional investor acquired 1,741 shares of the insurance provider’s stock, valued at approximately $202,000.

Other hedge funds also recently made changes to their positions in the company. Blume Capital Management Inc. acquired a new position in shares of Progressive in the 1st quarter valued at $25,000. Bartlett & Co. LLC grew its holdings in shares of Progressive by 92.8% in the 2nd quarter. Bartlett & Co. LLC now owns 241 shares of the insurance provider’s stock worth $28,000 after purchasing an additional 116 shares during the last quarter. HHM Wealth Advisors LLC bought a new stake in shares of Progressive in the 2nd quarter worth about $29,000. Crewe Advisors LLC bought a new stake in shares of Progressive in the 2nd quarter worth about $31,000. Finally, James Investment Research Inc. bought a new stake in shares of Progressive in the 2nd quarter worth about $34,000. Institutional investors and hedge funds own 85.05% of the company’s stock.

Progressive Stock Up 0.8 %

Shares of NYSE PGR opened at $131.09 on Thursday. The firm has a market capitalization of $76.70 billion, a PE ratio of 92.97, a price-to-earnings-growth ratio of 1.68 and a beta of 0.47. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.45. The Progressive Co. has a 1 year low of $92.44 and a 1 year high of $131.49. The firm’s 50-day moving average is $123.98 and its 200-day moving average is $119.71.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on PGR shares. Morgan Stanley upped their target price on shares of Progressive from $121.00 to $130.00 and gave the stock an “equal weight” rating in a report on Friday, August 19th. Jefferies Financial Group raised shares of Progressive from a “hold” rating to a “buy” rating and upped their target price for the stock from $123.00 to $142.00 in a report on Friday, October 7th. TheStreet raised shares of Progressive from a “c+” rating to a “b-” rating in a report on Friday, November 4th. Raymond James increased their price objective on shares of Progressive from $135.00 to $140.00 and gave the stock an “outperform” rating in a report on Monday, August 29th. Finally, MKM Partners increased their price objective on shares of Progressive from $135.00 to $150.00 and gave the stock a “buy” rating in a report on Thursday, August 18th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $120.38.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 50,000 shares of the firm’s stock in a transaction dated Monday, October 17th. The shares were sold at an average price of $116.85, for a total value of $5,842,500.00. Following the transaction, the chief executive officer now owns 431,822 shares of the company’s stock, valued at approximately $50,458,400.70. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Andrew J. Quigg sold 3,180 shares of the stock in a transaction that occurred on Friday, August 26th. The shares were sold at an average price of $126.43, for a total value of $402,047.40. Following the sale, the insider now directly owns 24,061 shares in the company, valued at approximately $3,042,032.23. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 50,000 shares of the stock in a transaction that occurred on Monday, October 17th. The shares were sold at an average price of $116.85, for a total transaction of $5,842,500.00. Following the completion of the sale, the chief executive officer now owns 431,822 shares in the company, valued at $50,458,400.70. The disclosure for this sale can be found here. In the last quarter, insiders have sold 111,618 shares of company stock valued at $13,578,528. 0.37% of the stock is currently owned by insiders.

Progressive Company Profile

(Get Rating)

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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