United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund Has $15.67 Million Stake in The Progressive Corporation $PGR

United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund grew its position in The Progressive Corporation (NYSE:PGR) by 27.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 58,734 shares of the insurance provider’s stock after purchasing an additional 12,830 shares during the quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund’s holdings in Progressive were worth $15,674,000 as of its most recent filing with the SEC.

A number of other hedge funds have also bought and sold shares of PGR. Nuveen LLC acquired a new position in shares of Progressive in the 1st quarter valued at about $1,473,180,000. GQG Partners LLC lifted its stake in Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after buying an additional 3,174,632 shares during the period. Alliancebernstein L.P. grew its position in shares of Progressive by 15.2% during the 1st 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 period. Axiom Investors LLC DE bought a new stake in shares of Progressive in the 1st quarter valued at $194,557,000. Finally, 1832 Asset Management L.P. lifted its position in shares of Progressive by 123.1% during the 1st quarter. 1832 Asset Management L.P. now owns 1,160,302 shares of the insurance provider’s stock valued at $328,377,000 after acquiring an additional 640,306 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $229.54 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 debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The firm has a market cap of $134.60 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 1.19 and a beta of 0.29. The company has a fifty day moving average price of $227.83 and a 200-day moving average price of $247.23.

Progressive (NYSE:PGR) last released its quarterly earnings results 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). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same period in the previous year, the business earned $3.58 earnings per share. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,345 shares of the stock in a transaction dated Friday, November 21st. The shares were sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the transaction, the insider owned 27,698 shares in the company, valued at approximately $6,323,176.42. This represents a 4.63% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Jo Murphy sold 2,218 shares of the firm’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 $536,977.80. Following the sale, the insider owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 43,332 shares of company stock valued at $10,564,558 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of research firms have commented on PGR. Morgan Stanley set a $214.00 price target on shares of Progressive and gave the stock an “underweight” rating in a report on Monday, October 20th. Barclays reduced their target price 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. HSBC set a $259.00 price target on Progressive and gave the stock an “underperform” rating in a research note on Monday, November 17th. Citigroup decreased their price objective on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a report on Thursday, October 16th. Finally, Zacks Research downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Hold” and an average price target of $266.52.

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.