Los Angeles Capital Management LLC Has $207.40 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Los Angeles Capital Management LLC lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 8.1% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 817,322 shares of the insurance provider’s stock after buying an additional 61,265 shares during the period. Progressive comprises 0.8% of Los Angeles Capital Management LLC’s holdings, making the stock its 21st largest position. Los Angeles Capital Management LLC’s holdings in Progressive were worth $207,404,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of PGR. Vanguard Group Inc. raised its holdings in shares of Progressive by 0.6% in the 1st quarter. Vanguard Group Inc. now owns 51,751,851 shares of the insurance provider’s stock valued at $10,703,318,000 after purchasing an additional 285,070 shares during the period. Capital International Investors raised its holdings in shares of Progressive by 15.7% in the 1st quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock valued at $1,018,592,000 after purchasing an additional 670,006 shares during the period. Legal & General Group Plc raised its holdings in shares of Progressive by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock valued at $1,022,507,000 after purchasing an additional 92,212 shares during the period. American Century Companies Inc. raised its holdings in shares of Progressive by 3.0% in the 2nd quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock valued at $497,003,000 after purchasing an additional 69,709 shares during the period. Finally, TD Asset Management Inc raised its holdings in shares of Progressive by 16.8% in the 1st quarter. TD Asset Management Inc now owns 1,698,526 shares of the insurance provider’s stock valued at $351,289,000 after purchasing an additional 244,541 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the transaction, the insider now owns 45,787 shares in the company, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the transaction, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 74,843 shares of company stock worth $18,674,912. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock traded up $6.25 during mid-day trading on Friday, reaching $261.52. The company had a trading volume of 2,603,589 shares, compared to its average volume of 2,472,977. The company has a market cap of $153.20 billion, a P/E ratio of 19.01, a P/E/G ratio of 0.72 and a beta of 0.36. The business has a fifty day simple moving average of $251.41 and a 200 day simple moving average of $228.22. The company has a current ratio of 0.30, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $263.39.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, equities research analysts predict that The Progressive Co. will post 13.14 earnings per share for the current year.

Analyst Ratings Changes

A number of brokerages have recently issued reports on PGR. Morgan Stanley upped their target price on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. StockNews.com cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Friday, November 1st. Piper Sandler increased their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Citigroup lowered their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Finally, Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Seven analysts have rated the stock with a hold rating, twelve have given 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 target price of $269.56.

About Progressive

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.