Arjuna Capital Takes $1.63 Million Position in The Progressive Co. (NYSE:PGR)

Arjuna Capital bought a new position in shares of The Progressive Co. (NYSE:PGR - Free Report) during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,425 shares of the insurance provider's stock, valued at approximately $1,630,000.

Other large investors have also made changes to their positions in the company. Raleigh Capital Management Inc. raised its position in Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider's stock worth $60,000 after acquiring an additional 41 shares during the period. Castleview Partners LLC raised its holdings in Progressive by 2.7% in the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider's stock valued at $434,000 after acquiring an additional 45 shares in the last quarter. Washington Trust Bank raised its holdings in Progressive by 4.6% in the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider's stock valued at $260,000 after acquiring an additional 45 shares in the last quarter. Sunbelt Securities Inc. raised its holdings in Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider's stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider's stock worth $95,000 after purchasing an additional 48 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the company. Barclays increased their price objective on Progressive from $267.00 to $277.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 23rd. Morgan Stanley raised their price target on Progressive from $300.00 to $310.00 and gave the stock an "overweight" rating in a research report on Friday, October 18th. HSBC upgraded Progressive from a "hold" rating to a "buy" rating and set a $253.00 price objective on the stock in a report on Monday, August 12th. StockNews.com cut Progressive from a "buy" rating to a "hold" rating in a report on Monday. Finally, Wells Fargo & Company boosted their price target on Progressive from $281.00 to $282.00 and gave the stock an "overweight" rating in a research note on Tuesday, September 10th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $269.56.

Progressive Stock Performance

Shares of NYSE:PGR traded down $0.97 on Wednesday, reaching $261.37. 1,422,343 shares of the company's stock were exchanged, compared to its average volume of 2,462,996. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $153.11 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 0.73 and a beta of 0.36. The company has a fifty day moving average of $251.77 and a 200-day moving average of $229.06. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $263.85.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data 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. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion during the quarter, compared to analysts' expectations of $18.95 billion. On average, research analysts predict that The Progressive Co. will post 13.15 EPS for the current fiscal year.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the firm's stock in a transaction dated 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 transaction, the chief executive officer now directly owns 473,735 shares of the company's stock, valued at $119,475,967. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business'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 owns 473,735 shares of the company's stock, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 6,122 shares of the business's stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the transaction, the insider now directly owns 32,316 shares of the company's stock, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 74,843 shares of company stock worth $18,674,912 over the last three months. 0.34% of the stock is currently owned by insiders.

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.