Visionary Asset Management Inc. purchased a new position in Progressive Corporation (The) (NYSE:PGR) during the second quarter, Holdings Channel reports. The institutional investor purchased 8,531 shares of the insurance provider’s stock, valued at approximately $376,000.
Other large investors have also bought and sold shares of the company. Gulf International Bank UK Ltd increased its stake in Progressive Corporation (The) by 1.4% in the first quarter. Gulf International Bank UK Ltd now owns 177,678 shares of the insurance provider’s stock worth $6,961,000 after buying an additional 2,500 shares during the period. Creative Planning increased its stake in shares of Progressive Corporation (The) by 109.0% in the first quarter. Creative Planning now owns 5,700 shares of the insurance provider’s stock valued at $223,000 after buying an additional 2,973 shares during the last quarter. Confluence Investment Management LLC increased its stake in shares of Progressive Corporation (The) by 1.9% in the first quarter. Confluence Investment Management LLC now owns 2,078,688 shares of the insurance provider’s stock valued at $81,443,000 after buying an additional 38,561 shares during the last quarter. Chevy Chase Trust Holdings Inc. increased its stake in shares of Progressive Corporation (The) by 3.2% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 506,290 shares of the insurance provider’s stock valued at $19,837,000 after buying an additional 15,514 shares during the last quarter. Finally, Highbridge Capital Management LLC purchased a new stake in shares of Progressive Corporation (The) during the fourth quarter valued at approximately $591,000. 79.51% of the stock is owned by institutional investors and hedge funds.
Shares of Progressive Corporation (NYSE:PGR) traded up 0.1546% on Wednesday, reaching $45.4101. 444,585 shares of the company traded hands. The company has a market capitalization of $26.38 billion, a PE ratio of 22.1621 and a beta of 0.85. The firm has a 50-day moving average price of $44.17 and a 200 day moving average price of $40.27. Progressive Corporation has a one year low of $30.54 and a one year high of $46.33.
Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by $0.01. Progressive Corporation (The) had a net margin of 4.95% and a return on equity of 13.99%. The business had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.78 billion. During the same period in the previous year, the business posted $0.33 EPS. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. Equities analysts forecast that Progressive Corporation will post $2.39 EPS for the current fiscal year.
PGR has been the subject of several recent analyst reports. UBS AG raised shares of Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating in a research note on Thursday, July 13th. Zacks Investment Research downgraded shares of Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. FBR & Co upped their target price on shares of Progressive Corporation (The) from $35.00 to $36.00 and gave the company a “mkt perform” rating in a research note on Wednesday, May 10th. Raymond James Financial, Inc. raised shares of Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating and upped their target price for the company from $45.00 to $52.00 in a research note on Thursday, July 13th. Finally, Credit Suisse Group set a $39.00 target price on shares of Progressive Corporation (The) and gave the company a “sell” rating in a research note on Saturday, March 25th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and three have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $44.29.
In related news, insider Steven Broz sold 1,100 shares of Progressive Corporation (The) stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $41.55, for a total value of $45,705.00. Following the completion of the sale, the insider now owns 8,955 shares of the company’s stock, valued at approximately $372,080.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider William M. Cody sold 50,000 shares of Progressive Corporation (The) stock in a transaction on Friday, June 16th. The shares were sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the completion of the sale, the insider now directly owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The disclosure for this sale can be found here. In the last three months, insiders sold 71,100 shares of company stock valued at $3,168,605. 0.56% of the stock is currently owned by insiders.
Progressive Corporation (The) Company Profile
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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