Alpha DNA Investment Management LLC Acquires Shares of 3,241 The Progressive Co. (NYSE:PGR)

Alpha DNA Investment Management LLC acquired 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 13F filing with the Securities and Exchange Commission. The fund acquired 3,241 shares of the insurance provider's stock, valued at approximately $822,000.

A number of other hedge funds also recently bought and sold shares of the company. Davis Capital Management acquired a new position in Progressive during the third quarter valued at approximately $25,000. WR Wealth Planners LLC lifted its stake in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider's stock worth $26,000 after purchasing an additional 67 shares during the period. Hilltop National Bank boosted its stake in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider's stock valued at $34,000 after buying an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. grew its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Finally, LRI Investments LLC bought a new stake in Progressive during the first quarter worth about $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PGR. BMO Capital Markets cut their price objective on Progressive from $239.00 to $237.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. JPMorgan Chase & Co. lifted their target price on Progressive from $242.00 to $251.00 and gave the stock an "overweight" rating in a report on Thursday, October 10th. Jefferies Financial Group increased their price objective on Progressive from $257.00 to $295.00 and gave the stock a "buy" rating in a report on Wednesday, October 9th. Wells Fargo & Company lifted their price objective on shares of Progressive from $281.00 to $282.00 and gave the company an "overweight" rating in a research report on Tuesday, September 10th. Finally, StockNews.com upgraded Progressive from a "hold" rating to a "buy" rating in a report on Tuesday, November 19th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $269.81.

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of Progressive stock in a transaction dated 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 approximately $3,876,384.69. The trade was a 33.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated 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 completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 59,209 shares of company stock valued at $14,975,979. 0.34% of the stock is currently owned by insiders.

Progressive Trading Up 1.0 %

Progressive stock traded up $2.62 during midday trading on Friday, reaching $266.06. The stock had a trading volume of 2,321,352 shares, compared to its average volume of 2,161,226. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $266.18. The company has a fifty day moving average of $253.06 and a 200 day moving average of $231.63. The firm has a market cap of $155.86 billion, a price-to-earnings ratio of 19.34, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts' consensus estimates 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 analyst estimates of $18.95 billion. On average, analysts anticipate that The Progressive Co. will post 13.12 earnings per share for the current fiscal year.

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.