Renaissance Technologies LLC Increases Stake in Progressive Corp (PGR)

Renaissance Technologies LLC grew its position in Progressive Corp (NYSE:PGR) by 20.0% in the third quarter, according to its most recent filing with the SEC. The fund owned 8,511,700 shares of the insurance provider’s stock after acquiring an additional 1,416,800 shares during the period. Progressive accounts for approximately 0.6% of Renaissance Technologies LLC’s investment portfolio, making the stock its 12th biggest position. Renaissance Technologies LLC owned 1.46% of Progressive worth $604,671,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Inverness Counsel LLC NY lifted its stake in shares of Progressive by 0.7% in the 3rd quarter. Inverness Counsel LLC NY now owns 581,349 shares of the insurance provider’s stock valued at $41,299,000 after acquiring an additional 4,320 shares during the last quarter. BB&T Corp increased its holdings in Progressive by 22.5% in the third quarter. BB&T Corp now owns 36,457 shares of the insurance provider’s stock valued at $2,589,000 after purchasing an additional 6,698 shares during the period. Trexquant Investment LP increased its holdings in Progressive by 41.2% in the second quarter. Trexquant Investment LP now owns 84,776 shares of the insurance provider’s stock valued at $5,015,000 after purchasing an additional 24,722 shares during the period. Morgan Stanley increased its holdings in Progressive by 27.5% in the second quarter. Morgan Stanley now owns 874,445 shares of the insurance provider’s stock valued at $51,725,000 after purchasing an additional 188,567 shares during the period. Finally, First Republic Investment Management Inc. increased its holdings in Progressive by 6.9% in the second quarter. First Republic Investment Management Inc. now owns 38,119 shares of the insurance provider’s stock valued at $2,254,000 after purchasing an additional 2,477 shares during the period. Institutional investors own 80.24% of the company’s stock.

Shares of Progressive stock opened at $64.63 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42. Progressive Corp has a 1-year low of $50.79 and a 1-year high of $73.69. The stock has a market cap of $38.61 billion, a price-to-earnings ratio of 24.57, a price-to-earnings-growth ratio of 1.92 and a beta of 0.68.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The firm had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same period last year, the business posted $0.38 EPS. The business’s revenue was up 20.5% compared to the same quarter last year. On average, sell-side analysts forecast that Progressive Corp will post 4.75 earnings per share for the current year.

In other Progressive news, insider Susan Patricia Griffith sold 12,600 shares of the stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $64.87, for a total transaction of $817,362.00. Following the completion of the sale, the insider now directly owns 253,256 shares in the company, valued at approximately $16,428,716.72. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider John A. Barbagallo sold 50,000 shares of the stock in a transaction dated Friday, October 26th. The stock was sold at an average price of $68.02, for a total value of $3,401,000.00. Following the sale, the insider now owns 177,368 shares of the company’s stock, valued at $12,064,571.36. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.

A number of research firms recently weighed in on PGR. Buckingham Research upgraded Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 price objective for the company in a report on Monday, November 19th. Credit Suisse Group set a $79.00 price objective on Progressive and gave the company a “buy” rating in a report on Wednesday, November 14th. Wells Fargo & Co set a $69.00 price objective on Progressive and gave the company a “hold” rating in a report on Wednesday, November 14th. Barclays increased their price objective on Progressive from $59.00 to $67.00 and gave the company an “underweight” rating in a report on Monday, November 12th. Finally, Morgan Stanley upgraded Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price objective for the company in a report on Wednesday, November 7th. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $70.93.

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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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