Private Advisor Group LLC Increases Position in Progressive Corp (PGR)

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Private Advisor Group LLC grew its stake in shares of Progressive Corp (NYSE:PGR) by 72.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 19,308 shares of the insurance provider’s stock after acquiring an additional 8,085 shares during the period. Private Advisor Group LLC’s holdings in Progressive were worth $1,152,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in PGR. Trust Co. of Vermont increased its position in shares of Progressive by 82.4% during the second quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock valued at $119,000 after buying an additional 906 shares during the period. Signaturefd LLC purchased a new stake in Progressive in the first quarter worth approximately $122,000. Cerebellum GP LLC purchased a new stake in Progressive in the second quarter worth approximately $168,000. Migdal Insurance & Financial Holdings Ltd. boosted its stake in Progressive by 8,571.8% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock worth $200,000 after buying an additional 3,343 shares in the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its stake in Progressive by 114.8% in the second quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock worth $201,000 after buying an additional 1,819 shares in the last quarter. Hedge funds and other institutional investors own 80.27% of the company’s stock.

NYSE:PGR opened at $67.67 on Thursday. The company has a market cap of $39.18 billion, a PE ratio of 18.63, a P/E/G ratio of 2.04 and a beta of 0.68. Progressive Corp has a fifty-two week low of $43.59 and a fifty-two week high of $67.88. 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 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. The firm had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.01 billion. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The business’s quarterly revenue was up 20.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.63 earnings per share. sell-side analysts anticipate that Progressive Corp will post 4.5 earnings per share for the current year.

PGR has been the subject of several research reports. Wells Fargo & Co reaffirmed a “hold” rating and issued a $64.00 target price on shares of Progressive in a research note on Wednesday, August 15th. Deutsche Bank upped their target price on Progressive from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, May 21st. Citigroup cut their target price on Progressive from $66.00 to $63.00 and set a “neutral” rating for the company in a research note on Thursday, July 12th. Argus raised Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price for the company in a research note on Friday, July 27th. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Progressive in a research note on Thursday, May 31st. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average target price of $62.36.

In other Progressive news, insider John Jo Murphy sold 7,503 shares of the stock in a transaction on Wednesday, July 18th. The stock was 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 owns 41,722 shares in the company, valued at $2,515,002.16. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider William M. Cody sold 50,000 shares of the stock in a transaction on Monday, August 20th. The stock was sold at an average price of $66.90, for a total value of $3,345,000.00. Following the completion of the transaction, the insider now owns 116,838 shares of the company’s stock, valued at approximately $7,816,462.20. The disclosure for this sale can be found here. In the last quarter, insiders sold 106,103 shares of company stock valued at $6,837,205. 0.70% of the stock is owned by corporate insiders.

About Progressive

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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Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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