Quantbot Technologies LP Has $7.62 Million Holdings in The Progressive Co. (NYSE:PGR)

Quantbot Technologies LP decreased its position in shares of The Progressive Co. (NYSE:PGR) by 19.3% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 30,011 shares of the insurance provider’s stock after selling 7,193 shares during the quarter. Quantbot Technologies LP’s holdings in Progressive were worth $7,616,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Raleigh Capital Management Inc. grew its holdings in shares of Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares during the last quarter. Castleview Partners LLC grew its holdings in Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after acquiring an additional 45 shares during the last quarter. Washington Trust Bank increased its position in Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after acquiring an additional 45 shares during the period. Sunbelt Securities Inc. increased its position in Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 46 shares during the period. Finally, Whittier Trust Co. of Nevada Inc. raised its stake in shares of Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after acquiring an additional 48 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PGR. Wells Fargo & Company increased their price objective on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a report on Tuesday, September 10th. Morgan Stanley increased their price target on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. The Goldman Sachs Group lifted their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Roth Mkm increased their target price on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, BMO Capital Markets lowered their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Trading Down 0.1 %

PGR opened at $265.89 on Tuesday. The company has a fifty day moving average price of $253.25 and a two-hundred day moving average price of $232.11. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $266.89. The company has a market cap of $155.76 billion, a P/E ratio of 19.32, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Analysts predict that The Progressive Co. will post 13.17 EPS for the current fiscal year.

Insider Activity

In related news, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction dated Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the transaction, the insider now owns 15,189 shares of the company’s stock, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock worth $14,975,979 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive 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.