Intech Investment Management LLC has increased its holdings in The Progressive Corporation (NYSE: PGR) by **3.6%** during the second quarter of 2023. According to its latest filing with the Securities and Exchange Commission (SEC), the firm now owns **344,874 shares** of the insurance provider’s stock, after acquiring an additional **11,871 shares** during the period. This investment represents approximately **0.9%** of Intech’s overall portfolio, making Progressive its **12th largest** holding, valued at about **$92,033,000** as of the end of the reporting period.
Several other institutional investors have also recently adjusted their positions in Progressive. Notably, **Nuveen LLC** initiated a significant new position in the first quarter, investing around **$1.47 billion**. Meanwhile, **GQG Partners LLC** increased its stake by **61.4%** in the same period, bringing its total ownership to **8,346,133 shares**, worth approximately **$2.36 billion**. Another notable change came from **C WorldWide Group Holding A S**, which increased its holdings by an astonishing **12,110.3%**, now owning **1,248,628 shares** valued at **$353.37 million**.
In addition, **Alliancebernstein L.P.** raised its position by **15.2%**, resulting in ownership of **8,263,157 shares** valued at around **$2.34 billion**. **Axiom Investors LLC** also entered the fray, purchasing a new stake worth about **$194.56 million** during the first quarter. Currently, institutional investors hold **85.34%** of Progressive’s stock.
Analysts Adjust Price Targets for Progressive
Progressive has been the focus of numerous analyst reports recently. **JPMorgan Chase & Co.** raised its price target on Progressive shares from **$301.00** to **$303.00**, maintaining an “overweight” rating. Conversely, **UBS Group** lowered its target from **$268.00** to **$261.00**, designating a “neutral” rating. **Weiss Ratings** reaffirmed a “buy” rating, while **Barclays** adjusted its price objective down to **$257.00**, rating the stock as “equal weight.” **Evercore ISI** also reduced its target from **$275.00** to **$273.00**, giving it an “in-line” rating.
The consensus rating for Progressive, based on data from MarketBeat.com, stands at “Hold,” with a consensus price target of **$266.46**. Analysts have assigned a “Buy” rating from seven research firms, while twelve have a “Hold” rating, and one has issued a “Sell” rating.
Performance and Recent Earnings
On **October 15, 2023**, Progressive released its latest earnings report, revealing earnings per share (EPS) of **$4.45** for the quarter, which fell short of the consensus estimate of **$5.04** by **$0.59**. The company reported a net margin of **12.57%** and a return on equity of **33.88%**. Revenue for the quarter reached **$21.38 billion**, slightly below the expected **$21.64 billion**. This represents a growth from the previous year’s EPS of **$3.58**.
As of **October 20, 2023**, shares of Progressive opened at **$225.23**. The company has shown considerable volatility over the past year, with a twelve-month low of **$199.90** and a high of **$292.99**. Currently, it has a market capitalization of **$132.08 billion** and a price-to-earnings ratio of **12.36**.
Insider Trading Activities
In insider news, CEO **Susan Patricia Griffith** sold **30,659 shares** on **September 2, 2023**, at an average price of **$246.06**, totaling approximately **$7.54 million**. Following this transaction, Griffith retains **476,286 shares**, valued at about **$117.19 million**, marking a **6.05%** decrease in her ownership.
Another insider, **John Jo Murphy**, sold **2,218 shares** on **August 22, 2023**, for a total of **$556,230.04** at an average price of **$250.78**. After this sale, he owns **45,724 shares**, worth approximately **$11.47 million**, reflecting a **4.63%** decrease in his holdings. Over the past ninety days, insiders have sold a total of **51,782 shares**, valued at around **$12.71 million**.
The Progressive Corporation operates in various segments, including personal and commercial auto insurance, residential and commercial property insurance, and general liability insurance. It remains a significant player in the U.S. insurance market, continually adapting to meet the demands of its customers and investors.
