Macquarie Group Ltd. continued to hold its stake in Progressive Corp. (NYSE:PGR) during the second quarter, Holdings Channel reports. The firm owned 17,200 shares of the company’s stock at the end of the second quarter. Macquarie Group Ltd.’s holdings in Progressive Corp. were worth $576,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new position in Progressive Corp. during the second quarter worth $108,000. Financial Architects Inc raised its position in Progressive Corp. by 1,471.7% in the second quarter. Financial Architects Inc now owns 3,992 shares of the company’s stock worth $134,000 after buying an additional 3,738 shares in the last quarter. Creative Planning raised its position in Progressive Corp. by 88.9% in the second quarter. Creative Planning now owns 4,058 shares of the company’s stock worth $136,000 after buying an additional 1,910 shares in the last quarter. Van ECK Associates Corp raised its position in Progressive Corp. by 24.2% in the second quarter. Van ECK Associates Corp now owns 4,833 shares of the company’s stock worth $162,000 after buying an additional 943 shares in the last quarter. Finally, Global X Management Co. LLC raised its position in Progressive Corp. by 79.8% in the second quarter. Global X Management Co. LLC now owns 5,326 shares of the company’s stock worth $178,000 after buying an additional 2,363 shares in the last quarter. 76.53% of the stock is owned by hedge funds and other institutional investors.
Shares of Progressive Corp. (NYSE:PGR) opened at 31.22 on Tuesday. The company has a market capitalization of $18.17 billion, a PE ratio of 17.34 and a beta of 0.75. The firm’s 50-day moving average is $32.34 and its 200 day moving average is $33.03. Progressive Corp. has a 52 week low of $29.32 and a 52 week high of $35.54.
Progressive Corp. (NYSE:PGR) last announced its quarterly earnings results on Thursday, July 14th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by $0.01. The firm earned $5.93 billion during the quarter. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. Progressive Corp.’s revenue was up 13.1% on a year-over-year basis. During the same period in the prior year, the company posted $0.62 EPS. On average, analysts anticipate that Progressive Corp. will post $1.60 earnings per share for the current fiscal year.
A number of research analysts have weighed in on PGR shares. MKM Partners reissued a “buy” rating and set a $40.00 target price on shares of Progressive Corp. in a research report on Thursday, June 23rd. FBR & Co reissued a “hold” rating on shares of Progressive Corp. in a research report on Thursday, June 16th. Zacks Investment Research raised shares of Progressive Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Argus reissued a “hold” rating and set a $33.00 target price on shares of Progressive Corp. in a research report on Monday, July 18th. Finally, Keefe, Bruyette & Woods raised shares of Progressive Corp. from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $29.00 to $31.00 in a research report on Thursday, September 15th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Progressive Corp. currently has an average rating of “Hold” and an average price target of $32.16.
In other Progressive Corp. news, insider Steven Broz sold 2,500 shares of the stock in a transaction on Friday, July 15th. The shares were sold at an average price of $33.17, for a total value of $82,925.00. Following the completion of the sale, the insider now owns 9,420 shares in the company, valued at $312,461.40. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider John A. Barbagallo sold 24,000 shares of the stock in a transaction on 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 sale, the insider now owns 148,139 shares of the company’s stock, 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 company 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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