The Progressive Corporation $PGR Shares Acquired by Cornerstone Advisors LLC

Cornerstone Advisors LLC lifted its position in The Progressive Corporation (NYSE:PGR) by 5.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,800 shares of the insurance provider’s stock after acquiring an additional 1,200 shares during the period. Cornerstone Advisors LLC’s holdings in Progressive were worth $6,351,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently added to or reduced their stakes in PGR. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive during the second quarter worth $33,000. Ransom Advisory Ltd acquired a new position in Progressive during the first quarter worth about $35,000. Activest Wealth Management grew its stake in Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 127 shares in the last quarter. 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 valued at $34,000 after acquiring an additional 117 shares during the last quarter. Finally, Accent Capital Management LLC purchased a new position in Progressive in the 1st quarter worth approximately $39,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In related news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $220.00, for a total value of $295,900.00. Following the completion of the sale, the insider directly owned 29,043 shares in the company, valued at approximately $6,389,460. The trade was a 4.43% decrease in their position. The SEC filing for this sale provides additional information. Over the last 90 days, insiders sold 51,782 shares of company stock worth $12,708,788. Company insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.9%

Shares of NYSE:PGR opened at $225.23 on Friday. The company has a market capitalization of $132.08 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99. The business has a 50-day moving average price of $231.02 and a 200 day moving average price of $250.41. 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 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). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The company had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same period last year, the business earned $3.58 EPS. Sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Wall Street Analysts Forecast Growth

PGR has been the subject of several recent research reports. Wolfe Research began coverage on Progressive in a report on Monday, September 15th. They issued a “peer perform” rating for the company. Bank of America lifted their price target on Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a report on Thursday, October 16th. Evercore ISI lowered their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Weiss Ratings reissued a “buy (b-)” rating on shares of Progressive in a report on Friday, October 31st. Finally, Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a research report on Wednesday, August 13th. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $266.46.

Progressive 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.