13,961 Shares in The Progressive Corporation $PGR Purchased by Vise Technologies Inc.

Vise Technologies Inc. acquired a new position in shares of The Progressive Corporation (NYSE:PGR) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 13,961 shares of the insurance provider’s stock, valued at approximately $3,725,000.

Several other hedge funds and other institutional investors also recently made changes to their positions in the company. Allworth Financial LP lifted its position in shares of Progressive by 104.5% in the 2nd quarter. Allworth Financial LP now owns 17,849 shares of the insurance provider’s stock valued at $4,763,000 after acquiring an additional 9,120 shares in the last quarter. Illinois Municipal Retirement Fund grew its position in Progressive by 214.8% during the 2nd quarter. Illinois Municipal Retirement Fund now owns 78,945 shares of the insurance provider’s stock worth $21,067,000 after purchasing an additional 53,871 shares in the last quarter. Cambridge Financial Group Inc. raised its stake in Progressive by 112.4% during the 2nd quarter. Cambridge Financial Group Inc. now owns 63,160 shares of the insurance provider’s stock valued at $16,855,000 after purchasing an additional 33,425 shares during the period. Joseph Group Capital Management lifted its holdings in shares of Progressive by 3.2% in the second quarter. Joseph Group Capital Management now owns 13,256 shares of the insurance provider’s stock valued at $3,538,000 after purchasing an additional 411 shares in the last quarter. Finally, Zions Bancorporation National Association UT boosted its position in shares of Progressive by 14.5% in the second quarter. Zions Bancorporation National Association UT now owns 791 shares of the insurance provider’s stock worth $211,000 after buying an additional 100 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, insider John Jo Murphy sold 2,218 shares of the stock in a transaction dated Friday, August 22nd. The stock was sold at an average price of $250.78, for a total transaction of $556,230.04. Following the transaction, the insider owned 45,724 shares of the company’s stock, valued at approximately $11,466,664.72. This represents a 4.63% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the transaction, the insider directly owned 30,388 shares in the company, valued at $7,356,934.80. The trade was a 4.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders sold 58,500 shares of company stock valued at $14,430,089. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the topic of several recent analyst reports. Zacks Research lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. JPMorgan Chase & Co. upped their target price on Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a report on Thursday, October 9th. Evercore ISI reduced their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Cantor Fitzgerald upgraded shares of Progressive to a “hold” rating in a report on Wednesday, August 13th. Finally, Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Eight investment analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $269.90.

Progressive Trading Up 0.1%

NYSE:PGR opened at $217.48 on Tuesday. The company has a market capitalization of $127.53 billion, a P/E ratio of 11.93, a P/E/G ratio of 1.19 and a beta of 0.29. The stock’s 50 day moving average price is $232.93 and its 200 day moving average price is $251.62. 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 Progressive Corporation has a 52 week low of $199.90 and a 52 week high of $292.99.

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

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.