Waverton Investment Management Ltd Invests $803,000 in Progressive Corp (PGR) Stock
Waverton Investment Management Ltd acquired a new position in Progressive Corp (NYSE:PGR) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 14,265 shares of the insurance provider’s stock, valued at approximately $803,000.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. Lockheed Martin Investment Management Co. purchased a new position in Progressive during the 3rd quarter valued at about $872,000. Meeder Asset Management Inc. grew its holdings in Progressive by 126.4% during the 3rd quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock valued at $4,677,000 after buying an additional 53,917 shares in the last quarter. Westfield Capital Management Co. LP grew its holdings in Progressive by 62.6% during the 2nd quarter. Westfield Capital Management Co. LP now owns 1,739,335 shares of the insurance provider’s stock valued at $76,687,000 after buying an additional 669,428 shares in the last quarter. WBI Investments Inc. bought a new stake in shares of Progressive during the 2nd quarter valued at about $3,243,000. Finally, Royal Bank of Canada boosted its position in shares of Progressive by 20.4% during the 2nd quarter. Royal Bank of Canada now owns 747,020 shares of the insurance provider’s stock valued at $32,936,000 after acquiring an additional 126,317 shares during the last quarter. 79.39% of the stock is owned by institutional investors.
Progressive Corp (NYSE PGR) traded up $0.47 during trading hours on Wednesday, reaching $56.17. The company had a trading volume of 3,823,600 shares, compared to its average volume of 3,116,633. The company has a market cap of $32,670.00, a P/E ratio of 23.40, a price-to-earnings-growth ratio of 2.48 and a beta of 0.94. Progressive Corp has a one year low of $35.81 and a one year high of $57.18. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36.
Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.07. The company had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.04 billion. Progressive had a return on equity of 15.40% and a net margin of 5.41%. Progressive’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS. research analysts anticipate that Progressive Corp will post 2.47 EPS for the current fiscal year.
In other Progressive news, insider M Jeffrey Charney sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, October 20th. The stock was 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 owns 108,038 shares in the company, valued at $5,283,058.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider William M. Cody sold 25,000 shares of the business’s stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the sale, the insider now owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The disclosure for this sale can be found here. Insiders sold a total of 46,000 shares of company stock valued at $2,426,970 in the last 90 days. 0.56% of the stock is currently owned by corporate insiders.
PGR has been the subject of a number of research analyst reports. B. Riley reiterated a “hold” rating and set a $46.00 price target on shares of Progressive in a research report on Wednesday, November 15th. Morgan Stanley lifted their price target on Progressive from $49.00 to $51.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 18th. Barclays lifted their price target on Progressive from $41.00 to $43.00 and gave the company an “underweight” rating in a research report on Monday, October 16th. ValuEngine downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Credit Suisse Group lifted their price target on Progressive from $38.00 to $42.00 and gave the company an “underperform” rating in a research report on Monday, September 18th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Progressive has a consensus rating of “Hold” and an average price target of $50.41.
Progressive Company Profile
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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