State of Alaska Department of Revenue decreased its position in Progressive Corporation (The) (NYSE:PGR) by 31.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,740 shares of the insurance provider’s stock after selling 6,280 shares during the period. State of Alaska Department of Revenue’s holdings in Progressive Corporation (The) were worth $605,000 as of its most recent SEC filing.
A number of other institutional investors also recently bought and sold shares of PGR. Howard Hughes Medical Institute bought a new position in Progressive Corporation (The) during the first quarter worth $110,000. Ibex Wealth Advisors bought a new position in Progressive Corporation (The) during the fourth quarter worth $189,000. Wendell David Associates Inc. bought a new position in Progressive Corporation (The) during the first quarter worth $204,000. Intrust Bank NA bought a new position in Progressive Corporation (The) during the first quarter worth $205,000. Finally, Douglas Lane & Associates LLC bought a new position in Progressive Corporation (The) during the first quarter worth $208,000. 79.19% of the stock is currently owned by institutional investors.
Progressive Corporation (NYSE PGR) traded up 0.116% during midday trading on Monday, reaching $47.275. 569,952 shares of the company were exchanged. The firm’s 50-day moving average is $45.01 and its 200-day moving average is $40.79. Progressive Corporation has a one year low of $30.54 and a one year high of $47.38. The firm has a market cap of $27.47 billion, a P/E ratio of 20.117 and a beta of 0.85.
Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.01. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The firm had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.78 billion. During the same quarter in the previous year, the firm posted $0.33 earnings per share. Progressive Corporation (The)’s quarterly revenue was up 13.7% compared to the same quarter last year. On average, equities analysts expect that Progressive Corporation will post $2.42 EPS for the current fiscal year.
A number of equities analysts have weighed in on PGR shares. Zacks Investment Research raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research note on Monday, June 19th. Bank of America Corporation increased their price objective on shares of Progressive Corporation (The) from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 16th. MKM Partners reissued a “buy” rating and issued a $50.00 price objective (up previously from $45.00) on shares of Progressive Corporation (The) in a research report on Friday, June 9th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $48.00 price objective on shares of Progressive Corporation (The) in a research report on Thursday, May 18th. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price objective (up previously from $40.00) on shares of Progressive Corporation (The) in a research report on Friday, July 7th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the stock. Progressive Corporation (The) currently has a consensus rating of “Buy” and an average target price of $44.57.
In other news, insider Steven Broz sold 1,100 shares of the business’s 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 directly owns 8,955 shares in the company, valued at $372,080.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction on Friday, June 16th. The stock was 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 owns 151,051 shares of the company’s stock, valued at $6,744,427.15. The disclosure for this sale can be found here. Insiders sold 71,100 shares of company stock valued at $3,168,605 over the last 90 days. 0.56% of the stock is owned by corporate insiders.
About Progressive Corporation (The)
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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