Commerzbank Aktiengesellschaft FI lifted its stake in shares of Progressive Corp (NYSE:PGR) by 36.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 25,101 shares of the insurance provider’s stock after buying an additional 6,643 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Progressive were worth $1,215,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds also recently made changes to their positions in the company. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $101,000. IFP Advisors Inc grew its position in shares of Progressive by 12.9% during the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after buying an additional 341 shares during the period. Fiduciary Trust Co. acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $143,000. YorkBridge Wealth Partners LLC grew its position in shares of Progressive by 12.9% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 3,727 shares of the insurance provider’s stock worth $165,000 after buying an additional 427 shares during the period. Finally, Dupont Capital Management Corp acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $186,000. 79.55% of the stock is owned by institutional investors.
Progressive Corp (PGR) traded up $0.34 during midday trading on Thursday, reaching $54.59. 1,935,000 shares of the company traded hands, compared to its average volume of 3,088,981. Progressive Corp has a twelve month low of $33.42 and a twelve month high of $54.75. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. The firm has a market cap of $31,551.80, a P/E ratio of 23.69, a P/E/G ratio of 3.09 and a beta of 0.94.
In other Progressive news, insider Jeffrey W. Basch sold 9,000 shares of the firm’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the transaction, the insider now directly owns 70,965 shares in the company, valued at approximately $3,422,641.95. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO M Jeffrey Charney sold 6,000 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total value of $297,000.00. Following the transaction, the chief marketing officer now owns 102,038 shares in the company, valued at $5,050,881. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,000 shares of company stock worth $1,024,470. Company insiders own 0.56% of the company’s stock.
Several analysts have recently commented on the stock. Barclays raised their price objective on shares of Progressive from $39.00 to $41.00 and gave the stock an “underweight” rating in a research report on Friday, August 11th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $60.00 price objective on shares of Progressive in a research report on Wednesday. BidaskClub raised shares of Progressive from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 11th. FBR & Co reissued a “hold” rating on shares of Progressive in a research report on Tuesday, October 17th. Finally, Wells Fargo & Company reissued a “hold” rating on shares of Progressive in a research report on Wednesday, August 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $49.82.
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The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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