Jennison Associates LLC Purchases 842,109 Shares of The Progressive Co. (NYSE:PGR)

Jennison Associates LLC lifted its position in shares of The Progressive Co. (NYSE:PGR) by 21.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,749,628 shares of the insurance provider’s stock after acquiring an additional 842,109 shares during the period. Jennison Associates LLC’s holdings in Progressive were worth $1,205,266,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Davis Capital Management bought a new stake in shares of Progressive during the 3rd quarter worth approximately $25,000. WR Wealth Planners LLC lifted its holdings in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares during the period. DiNuzzo Private Wealth Inc. lifted its holdings in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares during the period. Hilltop National Bank increased its position in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. Finally, LRI Investments LLC acquired a new position in Progressive during the 1st quarter worth approximately $36,000. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of research analyst reports. Barclays upped their price objective on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Wells Fargo & Company upped their price target on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Jefferies Financial Group upped their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Roth Mkm upped their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $269.81.

Progressive Stock Down 0.8 %

Shares of NYSE PGR opened at $254.51 on Wednesday. The firm has a market cap of $149.09 billion, a PE ratio of 18.50, a P/E/G ratio of 0.71 and a beta of 0.36. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $263.85. The company’s fifty day simple moving average is $252.43 and its 200 day simple moving average is $230.76. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, sell-side analysts forecast that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock valued at $14,975,979 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

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.