Cypress Capital Management LLC WY Increases Holdings in Progressive Corp (PGR)

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Cypress Capital Management LLC WY boosted its stake in Progressive Corp (NYSE:PGR) by 13.1% during the 3rd quarter, HoldingsChannel.com reports. The fund owned 11,455 shares of the insurance provider’s stock after purchasing an additional 1,330 shares during the period. Cypress Capital Management LLC WY’s holdings in Progressive were worth $814,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Trexquant Investment LP increased its stake in shares of Progressive by 41.2% in the second quarter. Trexquant Investment LP now owns 84,776 shares of the insurance provider’s stock worth $5,015,000 after purchasing an additional 24,722 shares in the last quarter. Morgan Stanley increased its stake in shares of Progressive by 27.5% in the second quarter. Morgan Stanley now owns 874,445 shares of the insurance provider’s stock worth $51,725,000 after purchasing an additional 188,567 shares in the last quarter. First Republic Investment Management Inc. increased its stake in shares of Progressive by 6.9% in the second quarter. First Republic Investment Management Inc. now owns 38,119 shares of the insurance provider’s stock worth $2,254,000 after purchasing an additional 2,477 shares in the last quarter. Metropolitan Life Insurance Co. NY increased its stake in shares of Progressive by 0.8% in the second quarter. Metropolitan Life Insurance Co. NY now owns 116,500 shares of the insurance provider’s stock worth $6,891,000 after purchasing an additional 914 shares in the last quarter. Finally, Strs Ohio increased its stake in shares of Progressive by 599.2% in the second quarter. Strs Ohio now owns 321,002 shares of the insurance provider’s stock worth $18,987,000 after purchasing an additional 275,090 shares in the last quarter. 79.85% of the stock is currently owned by institutional investors and hedge funds.

Shares of NYSE:PGR opened at $69.70 on Thursday. The company has a market cap of $40.65 billion, a P/E ratio of 14.63, a PEG ratio of 1.98 and a beta of 0.67. Progressive Corp has a 12 month low of $48.59 and a 12 month high of $72.72. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.38 and a quick ratio of 0.43.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.14 by $0.43. The company had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.25%. Progressive’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.38 earnings per share. As a group, equities research analysts anticipate that Progressive Corp will post 4.8 earnings per share for the current year.

In related news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.25, for a total transaction of $771,000.00. Following the completion of the transaction, the chief financial officer now owns 390,584 shares of the company’s stock, valued at $25,095,022. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CEO Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total transaction of $808,164.00. Following the transaction, the chief executive officer now directly owns 265,856 shares of the company’s stock, valued at approximately $17,052,003.84. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 124,600 shares of company stock valued at $8,325,164. 0.70% of the stock is owned by corporate insiders.

Several research firms have recently weighed in on PGR. B. Riley lifted their target price on shares of Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 7th. Argus upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a research note on Friday, July 27th. UBS Group lifted their target price on shares of Progressive from $70.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, September 19th. Zacks Investment Research downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. Finally, Credit Suisse Group began coverage on shares of Progressive in a research note on Tuesday, August 7th. They issued an “outperform” rating and a $73.00 target price for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and one has issued a strong buy rating to the stock. The company has a consensus rating of “Buy” and a consensus price target of $68.64.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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