Vantis Investment Advisers L.P. decreased its holdings in shares of Progressive Corp (NYSE:PGR) by 7.9% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 231,600 shares of the insurance provider’s stock after selling 20,000 shares during the period. Progressive accounts for 8.6% of Vantis Investment Advisers L.P.’s portfolio, making the stock its 4th largest position. Vantis Investment Advisers L.P.’s holdings in Progressive were worth $16,453,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also made changes to their positions in PGR. Capital Advisors Ltd. LLC grew its holdings in shares of Progressive by 409.1% during the third quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock valued at $105,000 after buying an additional 1,125 shares during the last quarter. ELM Advisors LLC purchased a new stake in shares of Progressive during the third quarter valued at approximately $107,000. Harvest Fund Management Co. Ltd purchased a new stake in shares of Progressive during the third quarter valued at approximately $112,000. Baird Financial Group Inc. purchased a new stake in shares of Progressive during the third quarter valued at approximately $208,000. Finally, HighPoint Advisor Group LLC purchased a new stake in shares of Progressive during the third quarter valued at approximately $208,000. 80.24% of the stock is owned by institutional investors and hedge funds.
PGR has been the topic of a number of recent analyst reports. Zacks Investment Research cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. Morgan Stanley upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 target price on the stock in a report on Wednesday, November 7th. Citigroup raised their target price on shares of Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a report on Thursday, August 16th. ValuEngine cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, October 2nd. Finally, Credit Suisse Group set a $79.00 target price on shares of Progressive and gave the stock a “buy” rating in a report on Tuesday, October 9th. One analyst has rated the stock with a sell rating, eight have given a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $70.00.
Shares of PGR stock opened at $66.54 on Tuesday. 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 quick ratio of 0.42 and a current ratio of 0.42. The company has a market capitalization of $38.61 billion, a P/E ratio of 25.30, a P/E/G ratio of 1.91 and a beta of 0.68.
Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.43. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.43 billion. During the same quarter last year, the company posted $0.38 earnings per share. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. As a group, equities analysts predict that Progressive Corp will post 4.75 EPS for the current year.
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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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