Cambridge Investment Research Advisors Inc. lessened its holdings in Progressive Co. (NYSE:PGR) by 8.6% during the fourth quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,027 shares of the insurance provider’s stock after selling 1,792 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Progressive were worth $1,072,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the business. Global X Management Co. LLC boosted its holdings in shares of Progressive by 5.6% in the 4th quarter. Global X Management Co. LLC now owns 19,021 shares of the insurance provider’s stock valued at $1,071,000 after purchasing an additional 1,003 shares in the last quarter. Private Trust Co. NA boosted its holdings in shares of Progressive by 15.9% in the 4th quarter. Private Trust Co. NA now owns 7,367 shares of the insurance provider’s stock valued at $414,000 after purchasing an additional 1,010 shares in the last quarter. First Personal Financial Services boosted its holdings in shares of Progressive by 101.8% in the 4th quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock valued at $124,000 after purchasing an additional 1,111 shares in the last quarter. FDx Advisors Inc. boosted its holdings in shares of Progressive by 2.2% in the 4th quarter. FDx Advisors Inc. now owns 51,245 shares of the insurance provider’s stock valued at $2,886,000 after purchasing an additional 1,122 shares in the last quarter. Finally, Alps Advisors Inc. boosted its holdings in shares of Progressive by 10.7% in the 4th quarter. Alps Advisors Inc. now owns 13,625 shares of the insurance provider’s stock valued at $767,000 after purchasing an additional 1,314 shares in the last quarter. 81.08% of the stock is currently owned by hedge funds and other institutional investors.
PGR has been the topic of a number of research analyst reports. Wells Fargo set a $55.00 target price on Progressive and gave the company a “hold” rating in a report on Wednesday, December 13th. MKM Partners raised their target price on Progressive to $65.00 and gave the company a “buy” rating in a report on Friday, December 15th. Credit Suisse Group reaffirmed a “hold” rating and issued a $48.00 target price on shares of Progressive in a report on Friday, December 15th. UBS raised their target price on Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Finally, Zacks Investment Research downgraded Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $51.56.
NYSE PGR opened at $60.04 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.43 and a current ratio of 0.43. Progressive Co. has a twelve month low of $38.61 and a twelve month high of $62.74. The firm has a market cap of $35,757.57, a P/E ratio of 22.83, a PEG ratio of 2.26 and a beta of 0.65.
Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.77 by $0.02. The business had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.62 billion. Progressive had a return on equity of 15.96% and a net margin of 5.93%. Progressive’s revenue for the quarter was up 21.6% compared to the same quarter last year. During the same period last year, the company earned $0.66 EPS. analysts forecast that Progressive Co. will post 3.7 earnings per share for the current fiscal year.
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The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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