ZEGA Investments LLC Makes New Investment in The Progressive Corporation $PGR

ZEGA Investments LLC bought a new stake in The Progressive Corporation (NYSE:PGR) during the 2nd quarter, HoldingsChannel reports. The firm bought 5,431 shares of the insurance provider’s stock, valued at approximately $1,449,000.

Other institutional investors and hedge funds have also modified their holdings of the company. TruNorth Capital Management LLC lifted its stake in Progressive by 210.0% in the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock valued at $26,000 after buying an additional 63 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new position in shares of Progressive during the second quarter valued at approximately $33,000. Ransom Advisory Ltd acquired a new position in shares of Progressive during the first quarter valued at approximately $35,000. Activest Wealth Management raised its holdings in shares of Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 127 shares during the last quarter. Finally, Westside Investment Management Inc. lifted its position in shares of Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction that occurred on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total transaction of $556,230.04. Following the completion of the transaction, the insider owned 45,724 shares of the company’s stock, valued at approximately $11,466,664.72. This trade represents a 4.63% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The shares were sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the sale, the insider directly owned 39,040 shares in the company, valued at approximately $9,767,027.20. The trade was a 17.12% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,500 shares of company stock valued at $14,430,089 over the last quarter. 0.34% of the stock is owned by insiders.

Progressive Trading Up 3.6%

Shares of Progressive stock opened at $217.16 on Friday. The stock has a 50 day moving average of $233.53 and a 200 day moving average of $252.14. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The firm has a market capitalization of $127.30 billion, a price-to-earnings ratio of 11.91, a PEG ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a fifty-two week low of $199.90 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period last year, the company earned $3.58 EPS. As a group, research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts recently commented on PGR shares. Raymond James Financial dropped their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. JPMorgan Chase & Co. upped their target price on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. The Goldman Sachs Group decreased their price target on shares of Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. BMO Capital Markets restated a “market perform” rating on shares of Progressive in a research report on Monday. Finally, Citigroup cut their price objective on shares of Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a report on Thursday, October 16th. Eight analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, Progressive has an average rating of “Hold” and an average price target of $269.90.

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.