Ironwood Investment Management LLC lowered its stake in shares of Progressive Corporation (The) (NYSE:PGR) by 2.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 11,632 shares of the insurance provider’s stock after selling 333 shares during the period. Ironwood Investment Management LLC’s holdings in Progressive Corporation (The) were worth $513,000 as of its most recent filing with the SEC.
Several other large investors also recently made changes to their positions in PGR. Cypress Capital Management LLC WY bought a new stake in shares of Progressive Corporation (The) during the second quarter valued at approximately $106,000. Howard Hughes Medical Institute bought a new stake in shares of Progressive Corporation (The) during the first quarter valued at approximately $110,000. Cornerstone Advisors Inc. increased its stake in shares of Progressive Corporation (The) by 4.1% in the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock valued at $150,000 after buying an additional 133 shares during the last quarter. Wendell David Associates Inc. bought a new stake in shares of Progressive Corporation (The) during the first quarter valued at approximately $204,000. Finally, Intrust Bank NA bought a new stake in shares of Progressive Corporation (The) during the first quarter valued at approximately $205,000. Institutional investors and hedge funds own 79.19% of the company’s stock.
Shares of Progressive Corporation (NYSE PGR) opened at 47.71 on Friday. The company has a market capitalization of $27.72 billion, a P/E ratio of 20.30 and a beta of 0.86. Progressive Corporation has a one year low of $30.54 and a one year high of $47.75. The stock has a 50 day moving average price of $45.22 and a 200-day moving average price of $41.02.
Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by $0.01. The firm had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The company’s revenue was up 13.7% on a year-over-year basis. During the same period last year, the company earned $0.33 EPS. Equities research analysts predict that Progressive Corporation will post $2.43 earnings per share for the current fiscal year.
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Several equities research analysts have issued reports on PGR shares. Wells Fargo & Company restated a “hold” rating on shares of Progressive Corporation (The) in a report on Thursday. Deutsche Bank AG upgraded Progressive Corporation (The) from a “sell” rating to a “hold” rating and lifted their price objective for the stock from $35.00 to $40.00 in a report on Wednesday, May 17th. Keefe, Bruyette & Woods upgraded Progressive Corporation (The) from a “market perform” rating to an “outperform” rating and lifted their price objective for the stock from $39.00 to $45.00 in a report on Monday, April 10th. Zacks Investment Research upgraded Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Monday, June 19th. Finally, Barclays PLC lifted their price objective on Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, July 3rd. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and two have issued a strong buy rating to the company. The company has a consensus rating of “Buy” and an average price target of $44.79.
In other Progressive Corporation (The) news, Director Jeffrey D. Kelly sold 20,000 shares of the company’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $44.52, for a total value of $890,400.00. Following the completion of the transaction, the director now owns 59,963 shares of the company’s stock, valued at approximately $2,669,552.76. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,100 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 8,955 shares of the company’s stock, valued at approximately $372,080.25. The disclosure for this sale can be found here. In the last ninety days, insiders sold 71,100 shares of company stock valued at $3,168,605. Insiders own 0.56% of the company’s stock.
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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