Jupiter Asset Management Ltd. Sells 56,641 Shares of The Progressive Corporation $PGR

Jupiter Asset Management Ltd. decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 55.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 45,976 shares of the insurance provider’s stock after selling 56,641 shares during the period. Jupiter Asset Management Ltd.’s holdings in Progressive were worth $12,269,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in the business. Vanguard Group Inc. boosted its stake in Progressive by 1.2% during the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock valued at $15,289,037,000 after purchasing an additional 622,590 shares during the period. GQG Partners LLC increased its position in Progressive by 61.4% in the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after buying an additional 3,174,632 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of Progressive by 15.2% during the first quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after buying an additional 1,091,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC boosted its position in shares of Progressive by 6.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock valued at $1,805,642,000 after acquiring an additional 396,567 shares during the period. Finally, Nuveen LLC acquired a new stake in shares of Progressive in the first quarter worth $1,473,180,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. The Goldman Sachs Group cut their target price on shares of Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a research note on Monday, October 27th. Evercore ISI cut their price objective on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Bank of America lifted their target price on Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. BMO Capital Markets restated a “market perform” rating on shares of Progressive in a research note on Monday, November 3rd. Finally, Raymond James Financial reduced their price objective on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a research report on Friday, October 17th. 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 stock. According to data from MarketBeat, Progressive has an average rating of “Hold” and a consensus target price of $269.90.

Progressive Stock Up 0.9%

NYSE PGR opened at $221.81 on Thursday. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The company has a market capitalization of $130.07 billion, a price-to-earnings ratio of 12.17, a PEG ratio of 1.19 and a beta of 0.29. The stock’s 50 day moving average is $231.91 and its two-hundred day moving average is $251.09. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last posted 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). The company had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter last year, the business earned $3.58 EPS. Equities analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, insider John Jo Murphy sold 2,218 shares of the business’s stock in a transaction on Friday, August 22nd. The shares were sold at an average price of $250.78, for a total value of $556,230.04. Following the sale, the insider owned 45,724 shares in the company, valued at approximately $11,466,664.72. The trade was a 4.63% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This trade represents a 6.05% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 51,782 shares of company stock valued at $12,708,788 in the last ninety days. Insiders own 0.33% of the company’s stock.

Progressive 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.