Commonwealth Bank of Australia lessened its holdings in shares of Progressive Corp (NYSE:PGR) by 5.6% during the second quarter, HoldingsChannel.com reports. The fund owned 55,433 shares of the insurance provider’s stock after selling 3,291 shares during the period. Commonwealth Bank of Australia’s holdings in Progressive were worth $3,273,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Signaturefd LLC purchased a new stake in Progressive during the first quarter worth $122,000. Trust Co. of Vermont boosted its position in Progressive by 82.4% during the second 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 in the last quarter. Cerebellum GP LLC purchased a new stake in Progressive during the second quarter worth $168,000. Migdal Insurance & Financial Holdings Ltd. boosted its position in Progressive by 8,571.8% during the second 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 in the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its position in Progressive by 114.8% during the second 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 in the last quarter. 80.27% of the stock is currently owned by hedge funds and other institutional investors.
Shares of NYSE:PGR opened at $68.87 on Friday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. Progressive Corp has a 52-week low of $43.60 and a 52-week high of $69.01. The firm has a market capitalization of $40.09 billion, a PE ratio of 19.06, a P/E/G ratio of 2.08 and a beta of 0.70.
Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 for the quarter, compared to the consensus estimate of $8.01 billion. During the same period in the prior year, the business earned $0.63 earnings per share. The business’s revenue was up 20.0% on a year-over-year basis. equities analysts anticipate that Progressive Corp will post 4.5 EPS for the current fiscal year.
In other Progressive news, CEO Susan Patricia Griffith sold 12,600 shares of the company’s stock in a transaction dated Thursday, August 16th. The stock was sold at an average price of $64.14, for a total transaction of $808,164.00. Following the completion of the sale, the chief executive officer now directly owns 265,856 shares in the company, valued at $17,052,003.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William M. Cody sold 50,000 shares of the company’s stock in a transaction dated 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 sale, the insider now owns 116,838 shares of the company’s stock, valued at $7,816,462.20. The disclosure for this sale can be found here. Insiders have sold 106,103 shares of company stock worth $6,837,205 over the last quarter. 0.70% of the stock is currently owned by company insiders.
PGR has been the topic of a number of research analyst reports. Citigroup boosted their target price on Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a research report on Thursday, August 16th. Buckingham Research upgraded 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 reiterated a “hold” rating and set a $64.00 target price on shares of Progressive in a research report on Wednesday, August 15th. Morgan Stanley boosted their target price on Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a research report on Wednesday, July 18th. Finally, Keefe, Bruyette & Woods downgraded 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. Two investment analysts have rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company. The company presently 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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