Nissay Asset Management Corp Japan ADV decreased its holdings in shares of Progressive Corp (NYSE:PGR) by 5.0% during the 2nd quarter, Holdings Channel reports. The firm owned 82,206 shares of the insurance provider’s stock after selling 4,371 shares during the period. Nissay Asset Management Corp Japan ADV’s holdings in Progressive were worth $4,862,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in PGR. Signaturefd LLC acquired a new stake in Progressive in the 1st quarter worth $122,000. Trust Co. of Vermont grew its position in Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after purchasing an additional 906 shares during the last quarter. Cerebellum GP LLC acquired a new stake in Progressive in the 2nd quarter worth $168,000. Migdal Insurance & Financial Holdings Ltd. grew its position in Progressive by 8,571.8% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock worth $200,000 after purchasing an additional 3,343 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC grew its position in Progressive by 114.8% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock worth $201,000 after purchasing an additional 1,819 shares during the last quarter. Institutional investors own 79.99% of the company’s stock.
In related news, insider John Jo Murphy sold 7,503 shares of Progressive stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $60.28, for a total transaction of $452,280.84. Following the completion of the transaction, the insider now directly owns 41,722 shares of the company’s stock, valued at approximately $2,515,002.16. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Thursday, June 14th. The shares were sold at an average price of $62.40, for a total transaction of $748,800.00. Following the transaction, the chief financial officer now directly owns 364,423 shares of the company’s stock, valued at $22,739,995.20. The disclosure for this sale can be found here. Insiders have sold a total of 31,503 shares of company stock valued at $1,913,041 over the last three months. 0.70% of the stock is currently owned by insiders.
Several research firms have issued reports on PGR. Morgan Stanley raised their price target on shares of Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a research report on Wednesday, July 18th. Buckingham Research raised their price objective on shares of Progressive from $48.00 to $52.00 and gave the stock an “underperform” rating in a report on Thursday, May 17th. B. Riley raised their price objective on shares of Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Tuesday, August 7th. Zacks Investment Research raised shares of Progressive from a “hold” rating to a “buy” rating and set a $69.00 price objective for the company in a report on Friday, April 20th. Finally, Wells Fargo & Co set a $64.00 price objective on shares of Progressive and gave the stock a “hold” rating in a report on Tuesday, July 17th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $62.36.
NYSE:PGR opened at $66.28 on Friday. The stock has a market cap of $36.37 billion, a PE ratio of 25.20, a price-to-earnings-growth ratio of 1.94 and a beta of 0.68. Progressive Corp has a 52 week low of $43.59 and a 52 week high of $66.42. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.37.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.08 by $0.11. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The firm had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $8.01 billion. During the same period last year, the firm posted $0.63 EPS. The firm’s quarterly revenue was up 20.0% on a year-over-year basis. equities research analysts expect that Progressive Corp will post 4.39 EPS for the current year.
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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