Progressive Corp (PGR) Shares Bought by Glen Harbor Capital Management LLC

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Glen Harbor Capital Management LLC raised its stake in Progressive Corp (NYSE:PGR) by 30.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 230,944 shares of the insurance provider’s stock after buying an additional 53,704 shares during the period. Glen Harbor Capital Management LLC’s holdings in Progressive were worth $13,660,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Trexquant Investment LP grew its holdings in shares of Progressive by 41.2% during the 2nd quarter. Trexquant Investment LP now owns 84,776 shares of the insurance provider’s stock valued at $5,015,000 after purchasing an additional 24,722 shares during the last quarter. Natixis grew its holdings in shares of Progressive by 259.2% during the 1st quarter. Natixis now owns 874,732 shares of the insurance provider’s stock valued at $53,297,000 after purchasing an additional 631,192 shares during the last quarter. Steward Partners Investment Advisory LLC grew its holdings in shares of Progressive by 114.8% during the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock valued at $201,000 after purchasing an additional 1,819 shares during the last quarter. HL Financial Services LLC grew its holdings in shares of Progressive by 1.0% during the 2nd quarter. HL Financial Services LLC now owns 2,042,107 shares of the insurance provider’s stock valued at $120,791,000 after purchasing an additional 19,571 shares during the last quarter. Finally, Gideon Capital Advisors Inc. grew its holdings in shares of Progressive by 97.1% during the 2nd quarter. Gideon Capital Advisors Inc. now owns 14,336 shares of the insurance provider’s stock valued at $848,000 after purchasing an additional 7,061 shares during the last quarter. 80.27% of the stock is currently owned by hedge funds and other institutional investors.

In other Progressive news, insider John Jo Murphy sold 7,503 shares of the firm’s stock in a transaction 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 sale, the insider now 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 SEC, which is available through this hyperlink. Also, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction on Monday, August 20th. The stock was sold at an average price of $66.90, for a total transaction of $3,345,000.00. Following the completion of the sale, the insider now directly owns 116,838 shares in the company, valued at approximately $7,816,462.20. The disclosure for this sale can be found here. In the last three months, insiders sold 106,103 shares of company stock worth $6,837,205. Insiders own 0.70% of the company’s stock.

Shares of Progressive stock opened at $68.79 on Thursday. The firm has a market capitalization of $39.34 billion, a price-to-earnings ratio of 26.16, a PEG ratio of 2.05 and a beta of 0.70. Progressive Corp has a 12-month low of $43.59 and a 12-month high of $68.95. The company has a debt-to-equity ratio of 0.37, a quick ratio of 0.43 and a current 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 (EPS) for the quarter, topping analysts’ consensus estimates of $1.08 by $0.11. The business had revenue of $8.10 billion for the quarter, compared to analyst estimates of $8.01 billion. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The company’s revenue was up 20.0% on a year-over-year basis. During the same quarter last year, the firm earned $0.63 EPS. research analysts expect that Progressive Corp will post 4.5 earnings per share for the current fiscal year.

PGR has been the topic of several recent research reports. Morgan Stanley increased their target price on shares of Progressive from $64.00 to $68.00 and gave the company a “$60.39” rating in a report on Wednesday, July 18th. Argus raised shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a report on Friday, July 27th. MKM Partners increased their target price on shares of Progressive to $75.00 and gave the company a “buy” rating in a report on Tuesday, May 22nd. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday. Finally, Wells Fargo & Co set a $64.00 target price on shares of Progressive and gave the company a “hold” rating in a report on Wednesday, May 16th. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $62.36.

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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