Achmea Investment Management B.V. cut its position in Progressive Corp (NYSE:PGR) by 3.8% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 115,537 shares of the insurance provider’s stock after selling 4,513 shares during the quarter. Achmea Investment Management B.V.’s holdings in Progressive were worth $8,206,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Principal Financial Group Inc. grew its position in shares of Progressive by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock valued at $307,278,000 after buying an additional 47,656 shares during the last quarter. IFM Investors Pty Ltd grew its position in shares of Progressive by 41.1% in the 2nd quarter. IFM Investors Pty Ltd now owns 26,140 shares of the insurance provider’s stock valued at $1,546,000 after buying an additional 7,620 shares during the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its position in shares of Progressive by 85.0% in the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 16,328 shares of the insurance provider’s stock valued at $966,000 after buying an additional 7,500 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of Progressive by 17.2% in the 2nd quarter. State of Alaska Department of Revenue now owns 103,510 shares of the insurance provider’s stock valued at $6,121,000 after buying an additional 15,190 shares during the last quarter. Finally, Trust Co. of Vermont grew its position in shares of Progressive by 82.4% in the 2nd 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 last quarter. Institutional investors and hedge funds own 79.89% of the company’s stock.
In other news, CEO Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total value of $808,164.00. Following the completion of the sale, the chief executive officer now owns 265,856 shares in the company, valued at approximately $17,052,003.84. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction on Thursday, August 16th. The stock was sold at an average price of $64.25, for a total transaction of $771,000.00. Following the completion of the sale, the chief financial officer now owns 390,584 shares of the company’s stock, valued at approximately $25,095,022. The disclosure for this sale can be found here. Insiders have sold a total of 124,600 shares of company stock worth $8,325,164 over the last three months. 0.70% of the stock is currently owned by insiders.
PGR has been the topic of a number of recent analyst 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 research report on Wednesday, July 18th. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, September 4th. MKM Partners increased their target price on shares of Progressive to $80.00 and gave the company a “buy” rating in a research report on Friday, September 14th. 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 research report on Friday, July 27th. Finally, UBS Group raised their price objective on shares of Progressive from $70.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, September 19th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $69.79.
Shares of Progressive stock opened at $73.46 on Friday. Progressive Corp has a 1 year low of $50.14 and a 1 year high of $73.69. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.34. The firm has a market cap of $40.65 billion, a price-to-earnings ratio of 27.93, a price-to-earnings-growth ratio of 1.99 and a beta of 0.71.
Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.43. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.43 billion. During the same period last year, the firm posted $0.38 EPS. Progressive’s revenue for the quarter was up 20.5% on a year-over-year basis. On average, research analysts forecast that Progressive Corp will post 4.78 EPS for the current year.
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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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