Impax Asset Management Group plc Boosts Stake in The Progressive Co. (NYSE:PGR)

Impax Asset Management Group plc lifted its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 24.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 65,471 shares of the insurance provider's stock after acquiring an additional 13,047 shares during the quarter. Impax Asset Management Group plc's holdings in Progressive were worth $16,614,000 as of its most recent SEC filing.

Other institutional investors have also recently modified their holdings of the company. Sycomore Asset Management grew its stake in Progressive by 28.9% in the 3rd quarter. Sycomore Asset Management now owns 36,258 shares of the insurance provider's stock valued at $9,151,000 after acquiring an additional 8,130 shares during the period. Intelligence Driven Advisers LLC acquired a new stake in shares of Progressive in the third quarter valued at about $244,000. Tokio Marine Asset Management Co. Ltd. increased its stake in shares of Progressive by 2.6% during the third quarter. Tokio Marine Asset Management Co. Ltd. now owns 16,917 shares of the insurance provider's stock worth $4,293,000 after purchasing an additional 435 shares in the last quarter. Metis Global Partners LLC raised its position in shares of Progressive by 2.0% during the 3rd quarter. Metis Global Partners LLC now owns 29,386 shares of the insurance provider's stock worth $7,457,000 after purchasing an additional 590 shares during the last quarter. Finally, Bretton Capital Management LLC purchased a new position in Progressive in the 3rd quarter valued at about $8,476,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,981 shares of the company's stock in a transaction dated 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 in the company, valued at $6,618,555.95. This represents a 10.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares of the company's stock, valued at $3,462,038.44. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 65,331 shares of company stock worth $16,415,812 in the last ninety days. 0.34% of the stock is owned by corporate insiders.

Progressive Trading Down 0.7 %

Shares of PGR stock traded down $1.72 on Friday, hitting $255.78. The stock had a trading volume of 3,259,995 shares, compared to its average volume of 2,463,986. The company's 50 day moving average price is $252.22 and its 200-day moving average price is $229.82. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. 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 capitalization of $149.84 billion, a P/E ratio of 18.59, a P/E/G ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) 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 for the quarter, compared to analyst estimates of $18.95 billion. Analysts anticipate that The Progressive Co. will post 13.11 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have commented on PGR. Hsbc Global Res upgraded Progressive from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 12th. JPMorgan Chase & Co. raised their price objective on Progressive from $242.00 to $251.00 and gave the company an "overweight" rating in a report on Thursday, October 10th. Barclays upped their target price on shares of Progressive from $267.00 to $277.00 and gave the stock an "equal weight" rating in a report on Wednesday, October 23rd. Roth Mkm raised their price target on shares of Progressive from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. Finally, TD Cowen upped their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research note on Friday, November 8th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $269.56.

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.