The Progressive Co. (NYSE:PGR) is Intech Investment Management LLC’s 10th Largest Position

Intech Investment Management LLC boosted its holdings in The Progressive Co. (NYSE:PGR) by 6.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 413,293 shares of the insurance provider’s stock after buying an additional 25,838 shares during the period. Progressive makes up 1.2% of Intech Investment Management LLC’s investment portfolio, making the stock its 10th biggest holding. Intech Investment Management LLC owned approximately 0.07% of Progressive worth $104,877,000 as of its most recent SEC filing.

Other hedge funds have also bought and sold shares of the company. Davis Capital Management purchased a new position in shares of Progressive during the 3rd quarter valued at $25,000. WR Wealth Planners LLC grew its position in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. Hilltop National Bank lifted its holdings in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares during the last quarter. DiNuzzo Private Wealth Inc. lifted its holdings in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in shares of Progressive during the 1st quarter worth $36,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on PGR shares. JPMorgan Chase & Co. lifted their price objective on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Jefferies Financial Group lifted their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. Bank of America lifted their price objective on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a report on Monday. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research note on Monday, August 12th. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Insiders Place Their Bets

In other news, insider Patrick K. Callahan sold 7,696 shares of the stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the sale, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. This represents a 33.63 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

Shares of NYSE:PGR opened at $256.99 on Thursday. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.85. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $252.58 and a 200-day moving average price of $230.94. The company has a market cap of $150.54 billion, a price-to-earnings ratio of 18.68, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. As a group, equities analysts anticipate that The Progressive Co. will post 13.09 EPS for the current year.

Progressive Company Profile

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.