Xact Kapitalforvaltning AB Purchases 7,324 Shares of Progressive Corp (PGR)

Xact Kapitalforvaltning AB boosted its position in Progressive Corp (NYSE:PGR) by 8.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 94,530 shares of the insurance provider’s stock after purchasing an additional 7,324 shares during the period. Xact Kapitalforvaltning AB’s holdings in Progressive were worth $5,324,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of PGR. Artisan Partners Limited Partnership increased its holdings in Progressive by 23.8% in the 3rd quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock worth $694,793,000 after purchasing an additional 2,762,934 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Progressive by 40.0% in the 3rd quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock worth $438,742,000 after purchasing an additional 2,588,522 shares in the last quarter. Wells Fargo & Company MN increased its holdings in Progressive by 49.2% in the 3rd quarter. Wells Fargo & Company MN now owns 6,780,314 shares of the insurance provider’s stock worth $328,303,000 after purchasing an additional 2,234,425 shares in the last quarter. BlackRock Inc. increased its holdings in Progressive by 4.7% in the 4th quarter. BlackRock Inc. now owns 38,769,936 shares of the insurance provider’s stock worth $2,183,522,000 after purchasing an additional 1,742,936 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership increased its holdings in Progressive by 44.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 3,768,812 shares of the insurance provider’s stock worth $212,259,000 after purchasing an additional 1,152,538 shares in the last quarter. 81.08% of the stock is owned by institutional investors and hedge funds.

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A number of equities analysts have issued reports on PGR shares. MKM Partners upped their target price on Progressive to $65.00 and gave the stock a “buy” rating in a report on Friday, December 15th. Wells Fargo set a $55.00 target price on Progressive and gave the stock a “hold” rating in a report on Wednesday, December 13th. Credit Suisse Group reaffirmed a “hold” rating and issued a $48.00 target price on shares of Progressive in a report on Friday, December 15th. Goldman Sachs started coverage on Progressive in a report on Monday, December 4th. They issued a “buy” rating and a $57.00 target price for the company. Finally, Keefe, Bruyette & Woods reaffirmed a “buy” rating and issued a $60.00 target price on shares of Progressive in a report on Wednesday, December 6th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, five have issued a buy rating and two have issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $51.25.

Shares of Progressive stock opened at $59.68 on Friday. The firm has a market capitalization of $34,750.23, a PE ratio of 24.26, a PEG ratio of 2.23 and a beta of 0.71. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.43 and a quick ratio of 0.43. Progressive Corp has a one year low of $38.61 and a one year high of $62.74.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share for the quarter, beating the consensus estimate of $0.77 by $0.02. The company had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.62 billion. Progressive had a return on equity of 15.96% and a net margin of 5.93%. The business’s quarterly revenue was up 21.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.66 earnings per share. sell-side analysts expect that Progressive Corp will post 3.66 EPS for the current year.

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Progressive 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 the Personal Lines, Commercial Lines and Property segments.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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