Qsemble Capital Management LP Grows Position in The Progressive Co. (NYSE:PGR)

Qsemble Capital Management LP raised its position in shares of The Progressive Co. (NYSE:PGR) by 22.1% during the 3rd quarter, Holdings Channel reports. The fund owned 18,696 shares of the insurance provider’s stock after purchasing an additional 3,386 shares during the period. Progressive makes up approximately 0.9% of Qsemble Capital Management LP’s investment portfolio, making the stock its 20th biggest position. Qsemble Capital Management LP’s holdings in Progressive were worth $4,744,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PGR. Raleigh Capital Management Inc. increased its holdings in shares of Progressive by 20.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after buying an additional 41 shares during the last quarter. Castleview Partners LLC increased its position in shares of Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after purchasing an additional 45 shares during the last quarter. Washington Trust Bank raised its holdings in Progressive by 4.6% during the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after buying an additional 45 shares during the period. Sunbelt Securities Inc. lifted its position in Progressive by 21.3% in the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after buying an additional 46 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. lifted its holdings in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after acquiring an additional 48 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,981 shares of the business’s 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 transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 59,209 shares of company stock valued at $14,975,979. Insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.6 %

NYSE:PGR traded down $1.70 during midday trading on Monday, reaching $264.36. 235,615 shares of the stock traded hands, compared to its average volume of 2,442,568. The stock has a market capitalization of $154.86 billion, a PE ratio of 19.34, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $266.89. 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 business has a 50-day moving average of $253.06 and a two-hundred day moving average of $231.74.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. On average, equities analysts forecast that The Progressive Co. will post 13.17 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. increased their price objective 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. The Goldman Sachs Group raised their price target on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Roth Mkm boosted their price objective on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Jefferies Financial Group raised their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, Piper Sandler lifted their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive 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.