Zurcher Kantonalbank Zurich Cantonalbank Increases Stock Holdings in The Progressive Co. (NYSE:PGR)

Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in shares of The Progressive Co. (NYSE:PGR) by 46.1% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 322,396 shares of the insurance provider’s stock after buying an additional 101,718 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Progressive were worth $81,811,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Davis Capital Management purchased a new stake in shares of Progressive in the 3rd quarter valued at about $25,000. WR Wealth Planners LLC lifted its stake in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares during the last quarter. Hilltop National Bank boosted its holdings in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. DiNuzzo Private Wealth Inc. raised its position in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the last quarter. Finally, LRI Investments LLC acquired a new stake in Progressive during the 1st quarter worth $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were 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 directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 over the last quarter. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of brokerages have recently commented on PGR. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a report on Monday, August 12th. Roth Mkm lifted their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Keefe, Bruyette & Woods increased their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley raised their price objective on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Finally, StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive Stock Down 0.4 %

Shares of NYSE:PGR opened at $266.86 on Thursday. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $270.62. The company has a market capitalization of $156.33 billion, a P/E ratio of 19.39, a P/E/G ratio of 0.74 and a beta of 0.36. The stock’s fifty day simple moving average is $253.65 and its 200-day simple moving average is $232.72. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for 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%. As a group, equities research analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

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.