Geode Capital Management LLC Has $4.13 Billion Holdings in The Progressive Corporation $PGR

Geode Capital Management LLC increased its stake in shares of The Progressive Corporation (NYSE:PGR) by 2.0% during the second quarter, HoldingsChannel.com reports. The fund owned 15,513,188 shares of the insurance provider’s stock after purchasing an additional 301,371 shares during the period. Geode Capital Management LLC’s holdings in Progressive were worth $4,128,055,000 as of its most recent SEC filing.

Other institutional investors have also made changes to their positions in the company. Rise Advisors LLC boosted its holdings in shares of Progressive by 7.4% during the 1st quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock worth $147,000 after buying an additional 36 shares during the period. Pinnacle Wealth Management Advisory Group LLC lifted its position in Progressive by 2.1% during the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock worth $545,000 after acquiring an additional 39 shares during the last quarter. LRI Investments LLC boosted its holdings in Progressive by 13.4% during the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock valued at $90,000 after acquiring an additional 40 shares during the period. True North Advisors LLC grew its position in shares of Progressive by 4.0% in the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock valued at $299,000 after purchasing an additional 41 shares during the last quarter. Finally, Prosperity Consulting Group LLC grew its position in shares of Progressive by 1.1% in the first quarter. Prosperity Consulting Group LLC now owns 3,824 shares of the insurance provider’s stock valued at $1,082,000 after purchasing an additional 42 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Price Performance

Shares of PGR stock opened at $219.73 on Wednesday. The stock’s fifty day simple moving average is $232.41 and its 200 day simple moving average is $251.30. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99. The firm has a market cap of $128.85 billion, a price-to-earnings ratio of 12.05, a P/E/G ratio of 1.19 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last issued its 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). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same quarter in the prior year, the firm posted $3.58 EPS. On average, analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages recently weighed in on PGR. UBS Group decreased their target price on Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research note on Wednesday, October 8th. JPMorgan Chase & Co. upped their price target on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a report on Thursday, October 9th. Morgan Stanley set a $214.00 price objective on shares of Progressive and gave the stock an “underweight” rating in a research note on Monday, October 20th. Barclays cut their target price on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research note on Monday, October 20th. Finally, Wells Fargo & Company reduced their price target on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. Eight investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $269.90.

Insider Activity

In other news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Lori A. Niederst sold 8,063 shares of the business’s stock in a transaction that occurred on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total value of $2,017,201.34. Following the completion of the transaction, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders sold 58,500 shares of company stock valued at $14,430,089. Corporate insiders own 0.33% 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.