Erste Asset Management GmbH bought a new stake in The Progressive Co. (NYSE:PGR - Free Report) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm bought 494,851 shares of the insurance provider's stock, valued at approximately $125,044,000. Progressive makes up approximately 1.5% of Erste Asset Management GmbH's investment portfolio, making the stock its 10th biggest position. Erste Asset Management GmbH owned approximately 0.08% of Progressive at the end of the most recent reporting period.
Several other hedge funds also recently modified their holdings of the stock. Davis Capital Management purchased a new position in Progressive during the 3rd quarter worth $25,000. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider's stock worth $26,000 after purchasing an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. boosted its holdings in Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Hilltop National Bank increased its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider's stock valued at $34,000 after buying an additional 92 shares during the last quarter. Finally, LRI Investments LLC bought a new position in shares of Progressive during the 1st quarter worth approximately $36,000. Hedge funds and other institutional investors own 85.34% of the company's stock.
Shares of PGR opened at $268.88 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The stock has a market capitalization of $157.51 billion, a price-to-earnings ratio of 19.54, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $270.62. The stock's 50-day simple moving average is $254.08 and its 200 day simple moving average is $233.48.
Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts' consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Research analysts forecast that The Progressive Co. will post 13.2 EPS for the current fiscal year.
A number of analysts recently commented on the company. StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a research report on Tuesday, November 19th. Morgan Stanley raised their target price on Progressive from $300.00 to $310.00 and gave the company an "overweight" rating in a research report on Friday, October 18th. Roth Mkm boosted their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Monday, September 16th. Wells Fargo & Company raised their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an "overweight" rating in a report on Tuesday, September 10th. Finally, Evercore ISI boosted their target price on shares of Progressive from $277.00 to $285.00 and gave the company an "outperform" rating in a research note on Wednesday, November 6th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $269.81.
Read Our Latest Stock Report on Progressive
In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares of the company's stock, valued at $119,475,967. This trade represents a 8.39 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Broz sold 2,981 shares of the business's stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares of the company's stock, valued at $6,618,555.95. The trade was a 10.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock valued at $14,975,979 in the last three months. Company insiders own 0.34% of the company's stock.
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.
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