FDx Advisors Inc. Increases Holdings in Progressive Corp (PGR)

FDx Advisors Inc. boosted its stake in Progressive Corp (NYSE:PGR) by 56.1% during the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 15,586 shares of the insurance provider’s stock after acquiring an additional 5,602 shares during the period. FDx Advisors Inc.’s holdings in Progressive were worth $1,107,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently made changes to their positions in the business. Capital Advisors Ltd. LLC increased its stake in shares of Progressive by 409.1% in the third quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock worth $105,000 after purchasing an additional 1,125 shares in the last quarter. ELM Advisors LLC purchased a new position in shares of Progressive in the third quarter worth about $107,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Progressive in the third quarter worth about $112,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Progressive by 8,571.8% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock worth $200,000 after purchasing an additional 3,343 shares in the last quarter. Finally, Woodmont Investment Counsel LLC purchased a new position in shares of Progressive in the second quarter worth about $204,000. 80.49% of the stock is currently owned by institutional investors and hedge funds.

Several research firms have recently weighed in on PGR. B. Riley lifted their target price on shares of Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 7th. ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Thursday, October 18th. Citigroup lifted their target price on shares of Progressive from $65.00 to $70.00 and gave the stock a “neutral” rating in a research note on Friday, September 14th. Credit Suisse Group set a $79.00 target price on shares of Progressive and gave the stock a “buy” rating in a research note on Wednesday, November 14th. Finally, Buckingham Research upgraded shares of Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 target price for the company in a research note on Monday, November 19th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the stock. Progressive currently has an average rating of “Hold” and an average price target of $70.00.

In related news, insider John A. Barbagallo sold 50,000 shares of the business’s stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the completion of the transaction, the insider now owns 177,368 shares of the company’s stock, valued at $12,064,571.36. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, insider Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction that occurred on Thursday, November 15th. The shares were sold at an average price of $64.87, for a total transaction of $817,362.00. Following the transaction, the insider now directly owns 253,256 shares of the company’s stock, valued at approximately $16,428,716.72. The disclosure for this sale can be found here. 0.70% of the stock is currently owned by insiders.

Shares of NYSE:PGR opened at $66.29 on Friday. The company has a market cap of $37.97 billion, a P/E ratio of 13.67, a PEG ratio of 1.88 and a beta of 0.71. Progressive Corp has a 12 month low of $50.79 and a 12 month high of $73.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.14 by $0.43. The company had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.45%. Progressive’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.38 earnings per share. As a group, equities research analysts anticipate that Progressive Corp will post 4.74 earnings per share for the current year.

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Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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