Today: The Quantitative Systematic Strategies LLC reaches $1,084,000 position of Progressive Corp. (PGR)

The Quantitative Systematic Strategies LLC reaches $1,084,000 position  of Progressive Corp. (PGR)

Quantitative Systematic Strategies LLC raised its position in shares of Progressive Corp. (NYSE:PGR) by 416.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 33,205 shares of the company’s stock after buying an additional 26,781 shares during the period. Progressive Corp. accounts for 0.5% of Quantitative Systematic Strategies LLC’s portfolio, making the stock its 29th largest position. Quantitative Systematic Strategies LLC’s holdings in Progressive Corp. were worth $1,084,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. C M Bidwell & Associates Ltd. purchased a new position in Progressive Corp. during the first quarter valued at approximately $325,000. Landscape Capital Management L.L.C. purchased a new position in Progressive Corp. during the first quarter valued at approximately $515,000. Advisor Partners LLC increased its position in Progressive Corp. by 2.7% in the first quarter. Advisor Partners LLC now owns 7,968 shares of the company’s stock valued at $280,000 after buying an additional 206 shares in the last quarter. Bessemer Group Inc. increased its position in Progressive Corp. by 24.8% in the first quarter. Bessemer Group Inc. now owns 43,192 shares of the company’s stock valued at $1,518,000 after buying an additional 8,590 shares in the last quarter. Finally, NN Investment Partners Holdings N.V. purchased a new position in Progressive Corp. during the first quarter valued at approximately $439,000. Hedge funds and other institutional investors own 76.53% of the company’s stock.

Shares of Progressive Corp. (NYSE:PGR) traded up 1.32% during mid-day trading on Friday, hitting $31.44. The company had a trading volume of 3,662,321 shares. The company has a market cap of $18.30 billion, a PE ratio of 17.47 and a beta of 0.73. The firm has a 50-day moving average of $31.75 and a 200-day moving average of $32.90. Progressive Corp. has a 12 month low of $29.32 and a 12 month high of $35.54.

Progressive Corp. (NYSE:PGR) last posted its earnings results on Thursday, July 14th. The company reported $0.33 EPS for the quarter, missing the Zacks’ consensus estimate of $0.34 by $0.01. The firm had revenue of $5.93 billion for the quarter. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.62 EPS. On average, analysts expect that Progressive Corp. will post $1.60 EPS for the current year.

Several research firms recently commented on PGR. Argus reissued a “hold” rating and issued a $33.00 price objective on shares of Progressive Corp. in a research note on Monday, July 18th. Credit Suisse Group AG set a $28.00 price objective on Progressive Corp. and gave the company a “sell” rating in a research note on Tuesday, August 23rd. MKM Partners reissued a “buy” rating and issued a $40.00 price objective on shares of Progressive Corp. in a research note on Thursday, June 23rd. William Blair reissued an “outperform” rating on shares of Progressive Corp. in a research note on Saturday, September 10th. Finally, Zacks Investment Research raised Progressive Corp. from a “sell” rating to a “hold” rating in a research note on Tuesday, September 13th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Progressive Corp. has an average rating of “Hold” and an average price target of $32.16.

In other Progressive Corp. news, insider Steven Broz sold 2,500 shares of the business’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $33.17, for a total transaction of $82,925.00. Following the sale, the insider now directly owns 9,420 shares in the company, valued at $312,461.40. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider M Jeffrey Charney sold 7,000 shares of the business’s stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $32.50, for a total value of $227,500.00. Following the sale, the insider now owns 71,961 shares in the company, valued at $2,338,732.50. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

Progressive Corp. Company Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through Personal Lines, Commercial Lines and Property segments.

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