Baillie Gifford & Co. Purchases 700 Shares of The Progressive Co. (NYSE:PGR)

Baillie Gifford & Co. grew its position in The Progressive Co. (NYSE:PGR) by 0.9% during the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 77,756 shares of the insurance provider’s stock after buying an additional 700 shares during the period. Baillie Gifford & Co.’s holdings in Progressive were worth $19,731,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PGR. Canada Pension Plan Investment Board boosted its stake in Progressive by 548.2% in the first quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after acquiring an additional 686,433 shares in the last quarter. Capital International Investors lifted its holdings in shares of Progressive by 15.7% during 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 last quarter. International Assets Investment Management LLC boosted its position in shares of 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 worth $151,325,000 after purchasing an additional 594,330 shares in the last quarter. SG Americas Securities LLC grew its stake in Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock worth $222,207,000 after buying an additional 590,235 shares during the last quarter. Finally, Swedbank AB acquired a new position in Progressive during the 1st quarter valued at about $116,852,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have weighed in on PGR. Jefferies Financial Group raised their price target on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Wells Fargo & Company upped their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, Bank of America increased their price target on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.56.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock valued at $18,674,912 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.9 %

Shares of PGR opened at $262.29 on Wednesday. The firm has a market cap of $153.65 billion, a P/E ratio of 19.06, a PEG ratio of 0.72 and a beta of 0.36. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.85. The stock’s 50 day moving average is $251.57 and its two-hundred day moving average is $228.68. 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 released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Analysts predict that The Progressive Co. will post 13.15 earnings per share for the current fiscal 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.