Encompass More Asset Management Has $541,000 Position in The Progressive Co. (NYSE:PGR)

Encompass More Asset Management trimmed its stake in shares of The Progressive Co. (NYSE:PGR) by 25.9% in the third quarter, Holdings Channel.com reports. The firm owned 2,131 shares of the insurance provider’s stock after selling 743 shares during the quarter. Encompass More Asset Management’s holdings in Progressive were worth $541,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in PGR. Jennison Associates LLC grew its holdings in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares during the last quarter. Caisse DE Depot ET Placement DU Quebec grew its holdings in Progressive by 75.3% during the 3rd quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,494,084 shares of the insurance provider’s stock worth $379,139,000 after acquiring an additional 641,943 shares during the last quarter. International Assets Investment Management LLC increased its position in Progressive by 29,701.6% in the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after acquiring an additional 594,330 shares during the period. SG Americas Securities LLC raised its stake in shares of Progressive by 206.8% during the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after acquiring an additional 590,235 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Progressive by 457.2% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock worth $135,366,000 after purchasing an additional 534,754 shares during the period. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 0.8 %

Shares of NYSE:PGR opened at $268.93 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $270.62. The business’s 50 day simple moving average is $254.08 and its two-hundred day simple moving average is $233.34. The firm has a market cap of $157.54 billion, a P/E ratio of 19.54, a PEG ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (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 analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, research analysts forecast that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’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 transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. The trade was a 9.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock worth $14,975,979 over the last three months. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on PGR shares. Roth Mkm raised their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research note on Monday, August 12th. Barclays increased their target price on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. BMO Capital Markets dropped their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Finally, TD Cowen increased their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

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.