Kaizen Financial Strategies Increases Holdings in The Progressive Corporation $PGR

Kaizen Financial Strategies boosted its position in shares of The Progressive Corporation (NYSE:PGR) by 53.8% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,544 shares of the insurance provider’s stock after purchasing an additional 890 shares during the quarter. Kaizen Financial Strategies’ holdings in Progressive were worth $679,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Atlantic Union Bankshares Corp purchased a new position in shares of Progressive during the second quarter valued at $33,000. Westside Investment Management Inc. lifted its stake in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares during the period. Ransom Advisory Ltd purchased a new stake in Progressive in the first quarter worth about $35,000. Activest Wealth Management grew its holdings in Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 127 shares in the last quarter. Finally, Richardson Financial Services Inc. increased its position in Progressive by 1,885.7% during the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 132 shares during the period. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Up 0.9%

Progressive stock opened at $221.81 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The stock has a market cap of $130.07 billion, a PE ratio of 12.17, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The stock has a 50-day moving average of $231.91 and a two-hundred day moving average of $251.09. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter last year, the company earned $3.58 EPS. On average, research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Insider Transactions at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 1,345 shares of the stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $220.00, for a total value of $295,900.00. Following the completion of the transaction, the insider directly owned 29,043 shares in the company, valued at $6,389,460. This represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 51,782 shares of company stock worth $12,708,788. Insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the stock. Weiss Ratings reiterated a “buy (b-)” rating on shares of Progressive in a research note on Friday, October 31st. Barclays lowered their target price on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Bank of America boosted their price target on Progressive from $350.00 to $351.00 and gave the stock a “buy” rating in a research report on Thursday, October 16th. Wolfe Research initiated coverage on Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Finally, Citigroup decreased their price target on shares of Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research report on Thursday, October 16th. Eight investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, Progressive currently has an average rating of “Hold” and a consensus target price of $269.90.

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.