Jacobs Levy Equity Management Inc. Sells 277,847 Shares of The Progressive Co. (NYSE:PGR)

Jacobs Levy Equity Management Inc. decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 37.7% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 458,392 shares of the insurance provider’s stock after selling 277,847 shares during the period. Jacobs Levy Equity Management Inc. owned 0.08% of Progressive worth $116,322,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. HighVista Strategies LLC bought a new position in Progressive during the 3rd quarter valued at about $1,015,000. Hilltop Holdings Inc. acquired a new stake in Progressive during the third quarter worth about $580,000. Holocene Advisors LP acquired a new position in Progressive during the 3rd quarter worth $19,778,000. Benjamin Edwards Inc. raised its stake in Progressive by 340.5% during the 3rd quarter. Benjamin Edwards Inc. now owns 37,685 shares of the insurance provider’s stock worth $9,564,000 after acquiring an additional 29,129 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Progressive in the 3rd quarter valued at approximately $49,000. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on PGR shares. Piper Sandler boosted their price objective on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Roth Mkm lifted their price objective on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Wells Fargo & Company boosted their price objective on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research report on Tuesday, September 10th. BMO Capital Markets reduced their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Finally, Morgan Stanley raised their target price on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Stock Down 1.8 %

NYSE:PGR opened at $263.97 on Tuesday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The company has a market capitalization of $154.64 billion, a PE ratio of 19.18, a P/E/G ratio of 0.74 and a beta of 0.38. The firm’s 50-day moving average price is $254.08 and its 200-day moving average price is $233.65. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $270.62.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities analysts predict that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction 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 completion of the sale, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. Also, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at $3,876,384.69. This represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 15,839 shares of company stock worth $4,038,065. 0.34% of the stock is owned by corporate insiders.

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.