Aviva PLC Raises Stock Holdings in The Progressive Corporation $PGR

Aviva PLC grew its position in The Progressive Corporation (NYSE:PGR) by 7.5% in the 2nd quarter, Holdings Channel.com reports. The fund owned 440,084 shares of the insurance provider’s stock after acquiring an additional 30,731 shares during the quarter. Aviva PLC’s holdings in Progressive were worth $117,441,000 as of its most recent filing with the Securities and Exchange Commission.

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on PGR. Keefe, Bruyette & Woods dropped their price target on Progressive from $262.00 to $246.00 and set a “market perform” rating on the stock in a research report on Wednesday. Bank of America increased their price objective on Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Cantor Fitzgerald raised Progressive to a “hold” rating in a report on Wednesday, August 13th. Barclays cut their price target on 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, Jefferies Financial Group decreased their price target on Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a report on Monday, August 11th. Eight equities research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $269.90.

Progressive Stock Performance

Shares of PGR stock opened at $217.16 on Friday. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The stock has a 50 day simple moving average of $233.53 and a 200-day simple moving average of $252.14. The company has a market cap of $127.30 billion, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99.

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

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the transaction, the insider owned 30,388 shares in the company, valued at $7,356,934.80. The trade was a 4.24% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 58,500 shares of company stock worth $14,430,089. 0.34% of the stock is currently owned by insiders.

About Progressive

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.