Cipher Capital LP Purchases New Stake in Progressive Corporation (The) (PGR)

Cipher Capital LP purchased a new position in shares of Progressive Corporation (The) (NYSE:PGR) during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 105,189 shares of the insurance provider’s stock, valued at approximately $5,094,000.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Mckinley Capital Management LLC Delaware bought a new position in shares of Progressive Corporation (The) during the second quarter worth $101,000. Cypress Capital Management LLC WY bought a new position in shares of Progressive Corporation (The) during the second quarter worth $106,000. IFP Advisors Inc boosted its position in shares of Progressive Corporation (The) by 12.9% during the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after purchasing an additional 341 shares in the last quarter. Fiduciary Trust Co. bought a new position in shares of Progressive Corporation (The) during the second quarter worth $143,000. Finally, Cornerstone Advisors Inc. boosted its position in shares of Progressive Corporation (The) by 4.1% during the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 133 shares in the last quarter. 77.82% of the stock is currently owned by institutional investors.

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Shares of Progressive Corporation (PGR) traded down $0.08 during mid-day trading on Friday, reaching $51.57. 2,940,100 shares of the company’s stock traded hands, compared to its average volume of 3,089,228. The company has a quick ratio of 0.50, a current ratio of 0.50 and a debt-to-equity ratio of 0.36. Progressive Corporation has a 12-month low of $32.54 and a 12-month high of $52.08. The firm has a market cap of $29,910.00, a price-to-earnings ratio of 22.56, a P/E/G ratio of 2.99 and a beta of 0.92.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.34 by $0.07. Progressive Corporation (The) had a net margin of 5.41% and a return on equity of 15.40%. The firm had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.04 billion. During the same period in the previous year, the business earned $0.34 EPS. The company’s revenue was up 18.1% compared to the same quarter last year. equities analysts expect that Progressive Corporation will post 2.35 earnings per share for the current fiscal year.

PGR has been the topic of several research reports. Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $58.00 price objective on shares of Progressive Corporation (The) in a research report on Friday. B. Riley reaffirmed a “hold” rating and issued a $46.00 price objective on shares of Progressive Corporation (The) in a research report on Wednesday. BidaskClub raised shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 11th. Wells Fargo & Company reaffirmed a “hold” rating and issued a $47.00 price objective on shares of Progressive Corporation (The) in a research report on Tuesday, September 19th. Finally, UBS AG cut their price objective on shares of Progressive Corporation (The) from $53.00 to $52.00 and set a “buy” rating on the stock in a research report on Tuesday, September 19th. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, six have assigned a buy rating and two have issued a strong buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $47.76.

In other news, insider Jeffrey W. Basch sold 9,000 shares of the business’s 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 directly owns 70,965 shares in the company, valued at approximately $3,422,641.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,250 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total transaction of $60,912.50. Following the transaction, the insider now owns 12,181 shares in the company, valued at $593,580.13. The disclosure for this sale can be found here. Insiders sold a total of 22,250 shares of company stock worth $1,085,383 over the last quarter. Company insiders own 0.56% of the company’s stock.

Progressive Corporation (The) Company Profile

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.

Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

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