Connor Clark & Lunn Investment Management Ltd. Cuts Holdings in The Progressive Co. (NYSE:PGR)

Connor Clark & Lunn Investment Management Ltd. decreased its stake in The Progressive Co. (NYSE:PGR - Free Report) by 45.5% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 94,062 shares of the insurance provider's stock after selling 78,538 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.'s holdings in Progressive were worth $23,869,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Davis Capital Management purchased a new position in Progressive in the third quarter valued at $25,000. WR Wealth Planners LLC increased its position in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 67 shares during the period. DiNuzzo Private Wealth Inc. increased its position in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock valued at $35,000 after acquiring an additional 73 shares during the period. Hilltop National Bank boosted its holdings 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 purchasing an additional 92 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in Progressive in the 1st quarter valued at approximately $36,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Progressive Stock Performance

NYSE PGR traded up $1.71 on Thursday, hitting $258.73. 135,604 shares of the stock were exchanged, compared to its average volume of 2,443,379. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $263.85. The company has a market capitalization of $151.57 billion, a PE ratio of 18.68, a P/E/G ratio of 0.71 and a beta of 0.36. The business's fifty day moving average is $252.58 and its 200 day moving average is $230.94. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS 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 the consensus estimate of $18.95 billion. Research analysts anticipate that The Progressive Co. will post 13.09 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on PGR shares. Jefferies Financial Group upped their target price on Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a research note on Wednesday, October 9th. Barclays upped their target price on Progressive from $267.00 to $277.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods boosted their price target on Progressive from $280.00 to $290.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Roth Mkm boosted their price target on Progressive from $270.00 to $290.00 and gave the company a "buy" rating in a report on Monday, September 16th. Finally, Bank of America boosted their price target on Progressive from $331.00 to $335.00 and gave the company a "buy" rating in a report on Monday. 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 company currently has an average rating of "Moderate Buy" and a consensus target price of $269.81.

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 2,982 shares of the company's stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares in the company, valued at $7,626,840. This represents a 9.23 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of the business's stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the transaction, the insider now directly owns 15,189 shares of the company's stock, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock valued at $14,975,979 in the last quarter. 0.34% of the stock is currently owned by corporate 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.