Capital Fund Management S.A. boosted its position in Progressive Corp. (NYSE:PGR) by 34.2% during the second quarter, Holdings Channel reports. The firm owned 10,799 shares of the company’s stock after buying an additional 2,753 shares during the period. Capital Fund Management S.A.’s holdings in Progressive Corp. were worth $362,000 at the end of the most recent reporting period.
A number of other large investors have also recently added to or reduced their stakes in the company. Conning Inc. increased its stake in Progressive Corp. by 1.5% in the second quarter. Conning Inc. now owns 13,607 shares of the company’s stock worth $456,000 after buying an additional 200 shares during the period. IBM Retirement Fund increased its stake in shares of Progressive Corp. by 0.3% in the second quarter. IBM Retirement Fund now owns 76,282 shares of the company’s stock worth $2,633,000 after buying an additional 252 shares during the period. Private Bank & Trust Co. increased its stake in shares of Progressive Corp. by 1.4% in the second quarter. Private Bank & Trust Co. now owns 25,525 shares of the company’s stock worth $855,000 after buying an additional 355 shares during the period. Candriam Luxembourg S.C.A. increased its stake in shares of Progressive Corp. by 1.4% in the second quarter. Candriam Luxembourg S.C.A. now owns 49,766 shares of the company’s stock worth $1,667,000 after buying an additional 671 shares during the period. Finally, DNB Asset Management AS increased its stake in shares of Progressive Corp. by 2.1% in the second quarter. DNB Asset Management AS now owns 49,625 shares of the company’s stock worth $1,662,000 after buying an additional 1,000 shares during the period. Hedge funds and other institutional investors own 76.53% of the company’s stock.
Progressive Corp. (NYSE:PGR) traded up 0.77% during trading on Friday, hitting $32.73. 3,957,934 shares of the stock were exchanged. The firm has a market capitalization of $19.05 billion, a PE ratio of 18.18 and a beta of 0.73. The stock has a 50 day moving average price of $31.61 and a 200-day moving average price of $32.78. Progressive Corp. has a 12-month low of $29.32 and a 12-month high of $35.54.
Progressive Corp. (NYSE:PGR) last announced its quarterly earnings results on Thursday, October 13th. The company reported $0.34 EPS for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.02. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. The company earned $6.05 billion during the quarter. During the same quarter in the prior year, the business posted $0.47 EPS. The business’s revenue was up 11.8% compared to the same quarter last year. On average, equities research analysts anticipate that Progressive Corp. will post $1.60 earnings per share for the current fiscal year.
PGR has been the subject of a number of recent research reports. Zacks Investment Research downgraded Progressive Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. William Blair reiterated an “outperform” rating on shares of Progressive Corp. in a research report on Saturday, September 10th. Deutsche Bank AG cut their price objective on Progressive Corp. from $30.00 to $28.00 and set a “sell” rating for the company in a research report on Monday, September 19th. Credit Suisse Group AG set a $28.00 price objective on Progressive Corp. and gave the company a “sell” rating in a research report on Friday, October 7th. Finally, MKM Partners reiterated a “buy” rating and set a $40.00 price objective on shares of Progressive Corp. in a research report on Thursday, June 23rd. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $32.41.
In related news, insider Michael D. Sieger sold 3,200 shares of the company’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $32.93, for a total value of $105,376.00. Following the transaction, the insider now owns 49,755 shares in the company, valued at approximately $1,638,432.15. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider John A. Barbagallo sold 24,000 shares of the company’s stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $33.01, for a total transaction of $792,240.00. Following the completion of the transaction, the insider now owns 148,139 shares in the company, valued at approximately $4,890,068.39. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.
Progressive Corp. 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 Personal Lines, Commercial Lines and Property segments.
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