Rhumbline Advisers lowered its holdings in Progressive Corp (NYSE:PGR) by 8.9% in the second quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,036,312 shares of the insurance provider’s stock after selling 101,495 shares during the quarter. Rhumbline Advisers’ holdings in Progressive were worth $61,298,000 as of its most recent filing with the SEC.
A number of other institutional investors have also added to or reduced their stakes in PGR. HL Financial Services LLC lifted its holdings in Progressive by 2.7% in the first quarter. HL Financial Services LLC now owns 2,022,536 shares of the insurance provider’s stock valued at $123,233,000 after acquiring an additional 53,403 shares during the period. Hennessy Advisors Inc. acquired a new stake in Progressive in the first quarter valued at $5,670,000. Daiwa Securities Group Inc. lifted its holdings in Progressive by 8.6% in the first quarter. Daiwa Securities Group Inc. now owns 19,627 shares of the insurance provider’s stock valued at $1,196,000 after acquiring an additional 1,549 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH acquired a new stake in Progressive in the first quarter valued at $512,000. Finally, Villere ST Denis J & Co. LLC acquired a new stake in Progressive in the first quarter valued at $83,910,000. 80.09% of the stock is owned by institutional investors.
A number of equities research analysts have commented on the company. Argus raised Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a report on Friday, July 27th. B. Riley raised their target price on Progressive from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. Wells Fargo & Co set a $64.00 target price on Progressive and gave the company a “hold” rating in a report on Thursday, May 3rd. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Progressive in a report on Thursday, May 31st. Finally, MKM Partners raised their price target on Progressive to $75.00 and gave the company a “buy” rating in a research report on Tuesday, May 22nd. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have assigned a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $62.21.
In related news, CEO Susan Patricia Griffith sold 12,600 shares of Progressive stock in a transaction dated Friday, May 18th. The stock was sold at an average price of $60.54, for a total transaction of $762,804.00. Following the completion of the sale, the chief executive officer now owns 222,723 shares in the company, valued at approximately $13,483,650.42. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Jeffrey W. Basch sold 11,000 shares of Progressive stock in a transaction dated Thursday, May 17th. The stock was sold at an average price of $60.54, for a total value of $665,940.00. Following the sale, the insider now owns 62,311 shares of the company’s stock, valued at approximately $3,772,307.94. The disclosure for this sale can be found here. In the last 90 days, insiders sold 67,103 shares of company stock valued at $4,068,025. Company insiders own 0.70% of the company’s stock.
Shares of Progressive opened at $62.44 on Friday, MarketBeat.com reports. Progressive Corp has a fifty-two week low of $43.59 and a fifty-two week high of $64.77. The firm has a market capitalization of $36.43 billion, a PE ratio of 17.32, a PEG ratio of 1.94 and a beta of 0.68. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The business had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $8.01 billion. During the same quarter last year, the business posted $0.63 earnings per share. The business’s revenue for the quarter was up 20.0% on a year-over-year basis. sell-side analysts anticipate that Progressive Corp will post 4.39 earnings per share for the current fiscal year.
Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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