Confluence Investment Management LLC raised its stake in Progressive Corp. (NYSE:PGR) by 2.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,581,487 shares of the company’s stock after buying an additional 42,331 shares during the period. Progressive Corp. comprises approximately 1.5% of Confluence Investment Management LLC’s portfolio, making the stock its 27th largest position. Confluence Investment Management LLC’s holdings in Progressive Corp. were worth $52,980,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Norges Bank acquired a new stake in Progressive Corp. during the fourth quarter valued at approximately $79,356,000. Capstone Asset Management Co. raised its stake in Progressive Corp. by 5.7% in the first quarter. Capstone Asset Management Co. now owns 55,043 shares of the company’s stock valued at $1,934,000 after buying an additional 2,970 shares in the last quarter. Glenmede Trust Co. NA raised its stake in Progressive Corp. by 10.0% in the first quarter. Glenmede Trust Co. NA now owns 934,180 shares of the company’s stock valued at $32,825,000 after buying an additional 84,778 shares in the last quarter. Aperio Group LLC raised its stake in Progressive Corp. by 17.1% in the first quarter. Aperio Group LLC now owns 191,122 shares of the company’s stock valued at $6,716,000 after buying an additional 27,951 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. acquired a new stake in Progressive Corp. during the first quarter valued at approximately $448,000. Institutional investors and hedge funds own 76.53% of the company’s stock.
Progressive Corp. (NYSE:PGR) traded down 0.38% during mid-day trading on Friday, reaching $31.15. 3,035,370 shares of the company were exchanged. The company has a market cap of $18.13 billion, a P/E ratio of 17.31 and a beta of 0.75. Progressive Corp. has a 12 month low of $29.32 and a 12 month high of $35.54. The stock’s 50-day moving average is $32.49 and its 200-day moving average is $33.06.
Progressive Corp. (NYSE:PGR) last released its earnings results on Thursday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.34 by $0.01. The firm had revenue of $5.93 billion for the quarter. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. The firm’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.62 earnings per share. Equities analysts expect that Progressive Corp. will post $1.61 earnings per share for the current year.
A number of research analysts have issued reports on PGR shares. Citigroup Inc. lowered shares of Progressive Corp. from a “neutral” rating to a “sell” rating and reduced their target price for the company from $36.00 to $31.00 in a report on Thursday, June 2nd. FBR & Co restated a “hold” rating on shares of Progressive Corp. in a report on Thursday, June 16th. MKM Partners restated a “buy” rating and issued a $40.00 target price on shares of Progressive Corp. in a report on Thursday, June 23rd. Argus restated a “hold” rating and issued a $33.00 target price on shares of Progressive Corp. in a report on Monday, July 18th. Finally, Zacks Investment Research lowered shares of Progressive Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $32.16.
In related news, insider M Jeffrey Charney sold 7,000 shares of the stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the transaction, the insider now owns 71,961 shares in the company, valued at approximately $2,338,732.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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 value of $792,240.00. Following the completion of the transaction, 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 owned by corporate insiders.
About Progressive Corp.
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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