Lafayette Investments Inc. decreased its position in shares of Progressive Corp (NYSE:PGR) by 25.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 159,176 shares of the insurance provider’s stock after selling 54,845 shares during the period. Progressive comprises 2.9% of Lafayette Investments Inc.’s holdings, making the stock its 10th largest holding. Lafayette Investments Inc.’s holdings in Progressive were worth $7,707,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Lockheed Martin Investment Management Co. bought a new position in Progressive in the 3rd quarter valued at approximately $872,000. Meeder Asset Management Inc. raised its stake in shares of Progressive by 126.4% during the third quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock valued at $4,677,000 after acquiring an additional 53,917 shares during the last quarter. National Planning Corp raised its stake in shares of Progressive by 28.0% during the second quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock valued at $404,000 after acquiring an additional 1,995 shares during the last quarter. JPMorgan Chase & Co. raised its stake in shares of Progressive by 1.1% during the second quarter. JPMorgan Chase & Co. now owns 7,038,766 shares of the insurance provider’s stock valued at $310,340,000 after acquiring an additional 79,773 shares during the last quarter. Finally, Martingale Asset Management L P raised its stake in shares of Progressive by 7.4% during the second quarter. Martingale Asset Management L P now owns 678,437 shares of the insurance provider’s stock valued at $29,913,000 after acquiring an additional 47,002 shares during the last quarter. Institutional investors and hedge funds own 79.55% of the company’s stock.
Progressive Corp (PGR) traded up $0.76 during trading hours on Tuesday, reaching $54.36. 3,373,500 shares of the company’s stock were exchanged, compared to its average volume of 3,090,536. The firm has a market capitalization of $31,173.76, a PE ratio of 23.41, a price-to-earnings-growth ratio of 3.06 and a beta of 0.94. Progressive Corp has a 1-year low of $33.28 and a 1-year high of $54.54. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50.
In other news, CMO M Jeffrey Charney sold 6,000 shares of Progressive stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total transaction of $297,000.00. Following the completion of the transaction, the chief marketing officer now directly owns 102,038 shares in the company, valued at $5,050,881. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jeffrey W. Basch sold 9,000 shares of Progressive stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total transaction of $434,070.00. Following the transaction, the insider now owns 70,965 shares of the company’s stock, valued at $3,422,641.95. The disclosure for this sale can be found here. Insiders have sold 21,000 shares of company stock valued at $1,024,470 over the last quarter. Corporate insiders own 0.56% of the company’s stock.
Several equities analysts have recently issued reports on the stock. Barclays raised their price target on shares of Progressive from $39.00 to $41.00 and gave the company an “underweight” rating in a research note on Friday, August 11th. Goldman Sachs Group assumed coverage on shares of Progressive in a research note on Monday. They set a “buy” rating and a $57.00 price target for the company. BidaskClub raised shares of Progressive from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 11th. FBR & Co reaffirmed a “hold” rating on shares of Progressive in a research note on Tuesday, October 17th. Finally, Wells Fargo & Company reaffirmed a “hold” rating on shares of Progressive in a research note on Wednesday, August 16th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $49.71.
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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