Willingdon Wealth Management Purchases 2,459 Shares of Progressive Corp (PGR)

Willingdon Wealth Management lifted its stake in shares of Progressive Corp (NYSE:PGR) by 52.9% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 7,109 shares of the insurance provider’s stock after purchasing an additional 2,459 shares during the quarter. Willingdon Wealth Management’s holdings in Progressive were worth $505,000 at the end of the most recent quarter.

Other large investors also recently bought and sold shares of the company. Trexquant Investment LP grew its stake in shares of Progressive by 41.2% during the 2nd quarter. Trexquant Investment LP now owns 84,776 shares of the insurance provider’s stock worth $5,015,000 after purchasing an additional 24,722 shares during the period. Morgan Stanley grew its stake in shares of Progressive by 27.5% during the 2nd quarter. Morgan Stanley now owns 874,445 shares of the insurance provider’s stock worth $51,725,000 after purchasing an additional 188,567 shares during the period. First Republic Investment Management Inc. grew its stake in shares of Progressive by 6.9% during the 2nd quarter. First Republic Investment Management Inc. now owns 38,119 shares of the insurance provider’s stock worth $2,254,000 after purchasing an additional 2,477 shares during the period. Metropolitan Life Insurance Co. NY grew its stake in shares of Progressive by 0.8% during the 2nd quarter. Metropolitan Life Insurance Co. NY now owns 116,500 shares of the insurance provider’s stock worth $6,891,000 after purchasing an additional 914 shares during the period. Finally, Strs Ohio grew its stake in shares of Progressive by 599.2% during the 2nd quarter. Strs Ohio now owns 321,002 shares of the insurance provider’s stock worth $18,987,000 after purchasing an additional 275,090 shares during the period. 79.85% of the stock is currently owned by institutional investors and hedge funds.

A number of equities analysts have recently weighed in on PGR shares. Citigroup lowered their price target on shares of Progressive from $66.00 to $63.00 and set a “neutral” rating on the stock in a research note on Thursday, July 12th. B. Riley boosted their price objective on shares of Progressive from $54.00 to $60.00 and gave the stock a “neutral” rating in a research report on Monday, July 16th. Wells Fargo & Co set a $64.00 price objective on shares of Progressive and gave the stock a “hold” rating in a research report on Tuesday, July 17th. Morgan Stanley boosted their price objective on shares of Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a research report on Wednesday, July 18th. Finally, Buckingham Research upgraded shares of Progressive to a “sell” rating and set a $52.00 price objective on the stock in a research report on Wednesday, July 18th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average price target of $68.64.

Shares of Progressive stock traded up $0.69 on Friday, hitting $69.73. The company’s stock had a trading volume of 22,089 shares, compared to its average volume of 3,640,595. Progressive Corp has a 52-week low of $48.84 and a 52-week high of $72.72. The company has a quick ratio of 0.43, a current ratio of 0.38 and a debt-to-equity ratio of 0.33. The firm has a market capitalization of $40.65 billion, a PE ratio of 26.45, a P/E/G ratio of 1.98 and a beta of 0.67.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.14 by $0.43. The company had revenue of $8.60 billion for the quarter, compared to analyst estimates of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.25%. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.38 EPS. On average, research analysts expect that Progressive Corp will post 4.8 EPS for the current fiscal year.

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.25, for a total value of $771,000.00. Following the transaction, the chief financial officer now directly owns 390,584 shares in the company, valued at approximately $25,095,022. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider John A. Barbagallo sold 50,000 shares of the company’s stock in a transaction dated Friday, October 26th. The shares were sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the completion of the transaction, the insider now owns 177,368 shares in the company, valued at $12,064,571.36. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 124,600 shares of company stock worth $8,325,164. 0.70% of the stock is owned by insiders.

Progressive Profile

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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