Baldwin Investment Management LLC Makes New $225,000 Investment in The Progressive Co. (NYSE:PGR)

Baldwin Investment Management LLC acquired a new stake in The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 887 shares of the insurance provider’s stock, valued at approximately $225,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Jennison Associates LLC lifted its holdings in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after purchasing an additional 842,109 shares in the last quarter. International Assets Investment Management LLC raised its position in shares of Progressive by 29,701.6% in the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after buying an additional 594,330 shares during the last quarter. SG Americas Securities LLC lifted its stake in shares of Progressive by 206.8% during the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after buying an additional 590,235 shares during the period. Skandinaviska Enskilda Banken AB publ lifted its stake in shares of Progressive by 457.2% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after buying an additional 534,754 shares during the period. Finally, Marshall Wace LLP boosted its position in Progressive by 135.9% during the second quarter. Marshall Wace LLP now owns 873,636 shares of the insurance provider’s stock worth $181,463,000 after acquiring an additional 503,307 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider Steven Broz sold 2,981 shares of the business’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 transaction of $748,678.15. Following the sale, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods increased their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Wells Fargo & Company increased their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Jefferies Financial Group boosted their price target on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Morgan Stanley raised their price objective on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Five 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, the company presently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Trading Down 0.4 %

Shares of NYSE:PGR opened at $266.86 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The company’s 50-day moving average price is $253.65 and its 200 day moving average price is $232.72. The company has a market cap of $156.33 billion, a PE ratio of 19.39, a P/E/G ratio of 0.74 and a beta of 0.36. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $270.62.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Sell-side analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current 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.