SG Americas Securities LLC increased its stake in shares of Progressive Corp (NYSE:PGR) by 1.6% during the 2nd quarter, according to its most recent filing with the SEC. The institutional investor owned 96,380 shares of the insurance provider’s stock after acquiring an additional 1,481 shares during the period. SG Americas Securities LLC’s holdings in Progressive were worth $5,701,000 at the end of the most recent reporting period.
A number of other institutional investors also recently added to or reduced their stakes in PGR. HL Financial Services LLC lifted its position in shares of Progressive by 2.7% during the 1st quarter. HL Financial Services LLC now owns 2,022,536 shares of the insurance provider’s stock worth $123,233,000 after buying an additional 53,403 shares in the last quarter. Hennessy Advisors Inc. bought a new position in shares of Progressive during the 1st quarter worth approximately $5,670,000. Daiwa Securities Group Inc. lifted its position in shares of Progressive by 8.6% during the 1st quarter. Daiwa Securities Group Inc. now owns 19,627 shares of the insurance provider’s stock worth $1,196,000 after buying an additional 1,549 shares in the last quarter. Meag Munich Ergo Kapitalanlagegesellschaft MBH bought a new position in shares of Progressive during the 1st quarter worth approximately $512,000. Finally, Villere ST Denis J & Co. LLC bought a new position in shares of Progressive during the 1st quarter worth approximately $83,910,000. 79.99% of the stock is currently owned by hedge funds and other institutional investors.
In related news, insider John Jo Murphy sold 7,503 shares of Progressive stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $60.28, for a total value of $452,280.84. Following the completion of the transaction, the insider now directly owns 41,722 shares in the company, valued at approximately $2,515,002.16. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction that occurred on Wednesday, July 18th. The shares were sold at an average price of $59.33, for a total transaction of $711,960.00. Following the completion of the transaction, the chief financial officer now owns 455,377 shares of the company’s stock, valued at $27,017,517.41. The disclosure for this sale can be found here. Insiders sold a total of 31,503 shares of company stock valued at $1,913,041 over the last quarter. 0.70% of the stock is owned by company insiders.
Several equities analysts have commented on PGR shares. Citigroup lifted their target price on shares of Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a research report on Thursday. Buckingham Research raised shares of Progressive to a “sell” rating and set a $52.00 target price on the stock in a research report on Wednesday, July 18th. Wells Fargo & Co reissued a “hold” rating and set a $64.00 target price on shares of Progressive in a research report on Wednesday. Keefe, Bruyette & Woods cut shares of Progressive from an “outperform” rating to a “market perform” rating and set a $45.00 target price on the stock. in a research report on Thursday, May 17th. Finally, 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 note on Wednesday, July 18th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average price target of $62.36.
Shares of PGR stock opened at $66.28 on Friday. 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 Corp has a 12-month low of $43.59 and a 12-month high of $66.42. The company has a market cap of $36.37 billion, a PE ratio of 25.20, a P/E/G ratio of 1.94 and a beta of 0.68.
Progressive (NYSE:PGR) last released its quarterly earnings data 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 net margin of 7.57% and a return on equity of 21.84%. The business had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.01 billion. During the same period in the previous year, the business earned $0.63 EPS. Progressive’s revenue was up 20.0% compared to the same quarter last year. equities analysts forecast that Progressive Corp will post 4.39 earnings per share for the current fiscal 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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