Bretton Capital Management LLC Takes Position in The Progressive Co. (NYSE:PGR)

Bretton Capital Management LLC acquired a new position in shares of The Progressive Co. (NYSE:PGR) in the 3rd quarter, HoldingsChannel.com reports. The firm acquired 33,400 shares of the insurance provider’s stock, valued at approximately $8,476,000. Progressive comprises approximately 8.1% of Bretton Capital Management LLC’s portfolio, making the stock its 2nd largest holding.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PGR. Diversified Trust Co raised its position in shares of Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after purchasing an additional 11,770 shares during the last quarter. Councilmark Asset Management LLC purchased a new stake in Progressive during the 1st quarter valued at about $1,890,000. Sycomore Asset Management lifted its holdings in shares of Progressive by 9.5% during the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after purchasing an additional 2,450 shares during the period. Sumitomo Life Insurance Co. purchased a new stake in Progressive in the second quarter valued at approximately $981,000. Finally, Tidal Investments LLC increased its holdings in Progressive by 22.2% in the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after buying an additional 5,691 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.4 %

NYSE PGR opened at $261.37 on Thursday. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The business has a fifty day moving average price of $251.92 and a 200 day moving average price of $229.29. The company has a market cap of $153.11 billion, a P/E ratio of 18.99, a P/E/G ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share 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 firm had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Research analysts anticipate that The Progressive Co. will post 13.15 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have recently commented on PGR shares. Barclays upped their price objective on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Evercore ISI upped their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective for the company in a research note on Monday, August 12th. TD Cowen upped their target price on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Finally, Bank of America raised their target price on Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $269.56.

Insider Activity

In related news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, insider Steven Broz sold 6,122 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares of the company’s stock, valued at $7,600,400.04. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,331 shares of company stock worth $16,415,812 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

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.