The Progressive Co. (NYSE:PGR) Stock Holdings Raised by Covey Capital Advisors LLC

Covey Capital Advisors LLC increased its position in The Progressive Co. (NYSE:PGR) by 2.7% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 21,909 shares of the insurance provider’s stock after acquiring an additional 584 shares during the period. Progressive comprises approximately 6.1% of Covey Capital Advisors LLC’s holdings, making the stock its 4th largest position. Covey Capital Advisors LLC’s holdings in Progressive were worth $5,560,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. FMR LLC increased its holdings in shares of Progressive by 1.6% in the 3rd quarter. FMR LLC now owns 10,518,615 shares of the insurance provider’s stock worth $2,669,204,000 after purchasing an additional 170,618 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Progressive by 7.0% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 5,067,924 shares of the insurance provider’s stock worth $1,286,036,000 after buying an additional 330,667 shares in the last quarter. Legal & General Group Plc increased its holdings in Progressive by 1.9% in the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after buying an additional 92,212 shares in the last quarter. Jennison Associates LLC raised its position in Progressive by 21.6% in the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after buying an additional 842,109 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Progressive by 1.0% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 3,836,218 shares of the insurance provider’s stock valued at $973,479,000 after acquiring an additional 39,675 shares during the period. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at $3,462,038.44. The trade was a 13.71 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research analysts have recently weighed in on PGR shares. BMO Capital Markets decreased their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Keefe, Bruyette & Woods boosted their target price on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley raised their price target on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Roth Mkm upped their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Finally, Evercore ISI raised their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. 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’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $269.81.

Progressive Stock Performance

PGR opened at $266.86 on Friday. The company has a 50 day simple moving average of $253.89 and a two-hundred day simple moving average of $232.95. 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 firm has a market cap of $156.33 billion, a P/E ratio of 19.39, a PEG ratio of 0.74 and a beta of 0.36. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $270.62.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Equities analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current fiscal 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.