Pragma Gestao DE Patrimonio Ltd. Purchases 2,300 Shares of The Progressive Corporation $PGR

Pragma Gestao DE Patrimonio Ltd. grew its position in The Progressive Corporation (NYSE:PGR) by 9.8% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 25,800 shares of the insurance provider’s stock after buying an additional 2,300 shares during the period. Progressive accounts for approximately 3.0% of Pragma Gestao DE Patrimonio Ltd.’s investment portfolio, making the stock its 11th largest holding. Pragma Gestao DE Patrimonio Ltd.’s holdings in Progressive were worth $6,885,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in PGR. Norges Bank acquired a new stake in Progressive in the second quarter worth about $2,156,939,000. Nuveen LLC bought a new position in shares of Progressive in the 1st quarter valued at about $1,473,180,000. GQG Partners LLC grew its position in shares of Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after buying an additional 3,174,632 shares during the period. Alliancebernstein L.P. raised its stake in shares of Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after buying an additional 1,091,828 shares during the last quarter. Finally, Axiom Investors LLC DE acquired a new position in Progressive in the first quarter valued at approximately $194,557,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the stock. Barclays reduced their price objective on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research note on Monday, October 20th. Wells Fargo & Company lifted their price objective on Progressive from $246.00 to $247.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 20th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, November 17th. UBS Group reduced their target price on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. Finally, Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a research report on Sunday, September 21st. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, Progressive has an average rating of “Hold” and an average price target of $266.52.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. This represents a 2.19% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the sale, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 17,673 shares of company stock worth $4,163,005. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.4%

NYSE:PGR opened at $228.62 on Wednesday. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The stock has a 50-day moving average price of $226.85 and a two-hundred day moving average price of $245.49. The stock has a market cap of $134.06 billion, a price-to-earnings ratio of 12.54, a PEG ratio of 1.19 and a beta of 0.29. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last released its quarterly earnings data 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). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter last year, the firm earned $3.58 EPS. As a group, equities analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.

Progressive Company Profile

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.