Alpha DNA Investment Management LLC Takes Position in The Progressive Co. (NYSE:PGR)

Alpha DNA Investment Management LLC purchased a new stake in The Progressive Co. (NYSE:PGR) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm purchased 3,241 shares of the insurance provider’s stock, valued at approximately $822,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Diversified Trust Co boosted its holdings 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 worth $6,531,000 after purchasing an additional 11,770 shares during the period. Sycomore Asset Management lifted its position in Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after buying an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. purchased a new position in Progressive during the second quarter worth $981,000. Tidal Investments LLC increased its position in Progressive by 22.2% during the first quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock valued at $6,480,000 after acquiring an additional 5,691 shares during the last quarter. Finally, Advisors Asset Management Inc. raised its stake in shares of Progressive by 88.7% in the first quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock valued at $1,577,000 after acquiring an additional 3,585 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. This trade represents a 8.39 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the sale, the insider now directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. This represents a 33.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock valued at $14,975,979 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Up 1.0 %

NYSE:PGR opened at $266.06 on Friday. The company’s 50-day simple moving average is $253.06 and its 200-day simple moving average is $231.63. 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 Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $266.18. The stock has a market capitalization of $155.86 billion, a P/E ratio of 19.34, a P/E/G ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating 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 company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. On average, equities analysts anticipate that The Progressive Co. will post 13.12 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of equities analysts recently commented on the stock. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Morgan Stanley boosted their target price on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. TD Cowen increased their price target on Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Barclays boosted their price objective on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a report on Wednesday, October 23rd. Finally, JPMorgan Chase & Co. increased their target price on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average price target of $269.81.

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.