Massachusetts Financial Services Co. MA Decreases Position in Progressive Corp (PGR)

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Massachusetts Financial Services Co. MA cut its holdings in shares of Progressive Corp (NYSE:PGR) by 33.6% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 9,033 shares of the insurance provider’s stock after selling 4,581 shares during the period. Massachusetts Financial Services Co. MA’s holdings in Progressive were worth $642,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. Artisan Partners Limited Partnership increased its holdings in Progressive by 5.1% in the second quarter. Artisan Partners Limited Partnership now owns 17,946,090 shares of the insurance provider’s stock valued at $1,061,511,000 after buying an additional 864,700 shares in the last quarter. Janus Henderson Group PLC increased its holdings in Progressive by 10.2% in the second quarter. Janus Henderson Group PLC now owns 12,095,573 shares of the insurance provider’s stock valued at $715,456,000 after buying an additional 1,122,013 shares in the last quarter. Renaissance Technologies LLC increased its holdings in Progressive by 19.6% in the second quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock valued at $419,663,000 after buying an additional 1,163,500 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Progressive by 1.0% in the first 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 in the last quarter. Finally, Bank of America Corp DE increased its holdings in Progressive by 8.0% in the second quarter. Bank of America Corp DE now owns 4,595,539 shares of the insurance provider’s stock valued at $271,827,000 after buying an additional 338,879 shares in the last quarter. Institutional investors own 79.89% of the company’s stock.

A number of research firms have weighed in on PGR. Morgan Stanley raised shares of Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price objective for the company in a report on Wednesday. Credit Suisse Group set a $79.00 price objective on shares of Progressive and gave the company a “buy” rating in a report on Friday, November 2nd. Wells Fargo & Co set a $69.00 price objective on shares of Progressive and gave the company a “hold” rating in a report on Thursday, November 1st. ValuEngine cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Thursday, November 1st. Finally, Raymond James lifted their price objective on shares of Progressive from $82.00 to $85.00 and gave the company a “strong-buy” rating in a report on Wednesday, October 17th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Progressive presently has a consensus rating of “Hold” and an average price target of $69.79.

PGR stock opened at $73.19 on Friday. The stock has a market cap of $42.59 billion, a PE ratio of 15.33, a P/E/G ratio of 2.07 and a beta of 0.71. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42. Progressive Corp has a 52 week low of $50.18 and a 52 week high of $73.69.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.14 by $0.43. The business had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.38 earnings per share. As a group, equities analysts anticipate that Progressive Corp will post 4.79 EPS for the current fiscal year.

In other news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction dated Thursday, August 16th. The shares were 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 $25,095,022. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John A. Barbagallo sold 50,000 shares of the business’s stock in a transaction dated Friday, October 26th. The stock was sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the sale, the insider now directly owns 177,368 shares of the company’s stock, valued at approximately $12,064,571.36. The disclosure for this sale can be found here. Insiders have sold 124,600 shares of company stock valued at $8,325,164 in the last three months. Corporate insiders own 0.70% of the company’s stock.

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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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