Sompo Asset Management Co. Ltd. Sells 390 Shares of The Progressive Co. (NYSE:PGR)

Sompo Asset Management Co. Ltd. reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 18.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,780 shares of the insurance provider’s stock after selling 390 shares during the quarter. Sompo Asset Management Co. Ltd.’s holdings in Progressive were worth $452,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Jennison Associates LLC grew its holdings in Progressive by 21.6% in the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares during the period. International Assets Investment Management LLC lifted its holdings in shares of Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after purchasing an additional 594,330 shares during the last quarter. SG Americas Securities LLC lifted its position in Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after acquiring an additional 590,235 shares during the period. Swedbank AB purchased a new stake in shares of Progressive in the first quarter valued at approximately $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ raised its stake in shares of Progressive by 457.2% during the 2nd quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock worth $135,366,000 after buying an additional 534,754 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on PGR shares. Evercore ISI increased their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. The Goldman Sachs Group upped their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Barclays upped their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Jefferies Financial Group increased their target price on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research note on Wednesday, October 9th. Finally, Bank of America increased their target price on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Trading Up 1.0 %

NYSE:PGR opened at $266.06 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The business’s 50 day moving average is $253.06 and its two-hundred day moving average is $231.74. The company has a market cap of $155.86 billion, a PE ratio of 19.34, a P/E/G 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 $266.18.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, analysts predict that The Progressive Co. will post 13.17 EPS for the current year.

Insider Transactions at Progressive

In related news, insider Patrick K. Callahan sold 7,696 shares of the stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the sale, the insider now owns 15,189 shares in the company, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly 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 disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock valued at $14,975,979 over the last quarter. Company insiders own 0.34% of the company’s stock.

Progressive Company Profile

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.