Axa Lowers Position in Progressive Corp (PGR)

AXA trimmed its stake in shares of Progressive Corp (NYSE:PGR) by 10.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 270,304 shares of the insurance provider’s stock after selling 31,872 shares during the quarter. AXA’s holdings in Progressive were worth $13,088,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. grew its stake in Progressive by 2.9% during the 2nd quarter. Vanguard Group Inc. now owns 38,642,819 shares of the insurance provider’s stock worth $1,703,762,000 after purchasing an additional 1,091,051 shares in the last quarter. BlackRock Inc. boosted its position in shares of Progressive by 1.8% during the 2nd quarter. BlackRock Inc. now owns 36,533,106 shares of the insurance provider’s stock worth $1,610,745,000 after acquiring an additional 636,087 shares in the last quarter. Artisan Partners Limited Partnership boosted its position in shares of Progressive by 23.8% during the 3rd quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock worth $694,793,000 after acquiring an additional 2,762,934 shares in the last quarter. Janus Henderson Group PLC boosted its position in shares of Progressive by 40.0% during the 3rd quarter. Janus Henderson Group PLC now owns 9,061,299 shares of the insurance provider’s stock worth $438,742,000 after acquiring an additional 2,588,522 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Progressive by 55.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after acquiring an additional 2,687,224 shares in the last quarter. 79.39% of the stock is owned by hedge funds and other institutional investors.

Progressive Corp (NYSE PGR) traded down $0.02 during trading on Thursday, hitting $55.66. The stock had a trading volume of 2,087,117 shares, compared to its average volume of 2,999,977. Progressive Corp has a fifty-two week low of $35.85 and a fifty-two week high of $57.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50. The stock has a market cap of $32,670.00, a P/E ratio of 23.19, a P/E/G ratio of 2.48 and a beta of 0.94.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.34 by $0.07. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The business had revenue of $7.14 billion during the quarter, compared to the consensus estimate of $7.04 billion. During the same period in the previous year, the business earned $0.34 EPS. The business’s quarterly revenue was up 18.1% on a year-over-year basis. sell-side analysts forecast that Progressive Corp will post 2.47 earnings per share for the current year.

PGR has been the subject of several analyst reports. B. Riley reaffirmed a “hold” rating and set a $46.00 price objective on shares of Progressive in a research report on Wednesday, November 15th. Morgan Stanley upped their price objective on Progressive from $49.00 to $51.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 18th. Barclays upped their price objective on Progressive from $41.00 to $43.00 and gave the stock an “underweight” rating in a research report on Monday, October 16th. ValuEngine cut Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Finally, Credit Suisse Group upped their price objective on Progressive from $38.00 to $42.00 and gave the stock an “underperform” rating in a research report on Monday, September 18th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $50.41.

In other Progressive news, insider William M. Cody sold 25,000 shares of the company’s stock in a transaction that occurred on Friday, December 22nd. The stock was sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the sale, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Jeffrey W. Basch sold 9,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total value of $434,070.00. Following the sale, the insider now directly owns 70,965 shares of the company’s stock, valued at $3,422,641.95. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 46,000 shares of company stock valued at $2,426,970. 0.56% of the stock is owned by company insiders.

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About Progressive

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.

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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