Zurcher Kantonalbank Zurich Cantonalbank Grows Stock Position in The Progressive Co. (NYSE:PGR)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in The Progressive Co. (NYSE:PGR) by 46.1% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 322,396 shares of the insurance provider’s stock after buying an additional 101,718 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned 0.06% of Progressive worth $81,811,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Diversified Trust Co boosted its position in 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 in the last quarter. Sycomore Asset Management lifted its stake in shares of Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares during the period. Sumitomo Life Insurance Co. purchased a new stake in Progressive during the second quarter worth $981,000. Cumberland Partners Ltd grew its position in Progressive by 116.7% during the third quarter. Cumberland Partners Ltd now owns 6,500 shares of the insurance provider’s stock valued at $1,649,000 after buying an additional 3,500 shares during the period. Finally, JLB & Associates Inc. increased its holdings in Progressive by 10.0% in the third quarter. JLB & Associates Inc. now owns 93,053 shares of the insurance provider’s stock valued at $23,613,000 after buying an additional 8,454 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on PGR shares. The Goldman Sachs Group increased their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. BMO Capital Markets lowered their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Jefferies Financial Group boosted their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Wells Fargo & Company upped their target price on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, Roth Mkm lifted their price target on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

Progressive Stock Performance

NYSE:PGR opened at $266.86 on Thursday. The company’s 50-day moving average is $253.65 and its two-hundred day moving average is $232.72. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $270.62. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market capitalization of $156.33 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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 return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Analysts forecast that The Progressive Co. will post 13.2 EPS for the current year.

Insider Transactions at Progressive

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