ING Groep NV lowered its stake in shares of Progressive Corp. (NYSE:PGR) by 96.1% during the second quarter, according to its most recent 13F filing with the SEC. The fund owned 20,631 shares of the company’s stock after selling 512,501 shares during the period. ING Groep NV’s holdings in Progressive Corp. were worth $691,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new stake in Progressive Corp. during the second quarter valued at approximately $108,000. Financial Architects Inc boosted its position in shares of Progressive Corp. by 1,471.7% in the second quarter. Financial Architects Inc now owns 3,992 shares of the company’s stock valued at $134,000 after buying an additional 3,738 shares during the last quarter. Creative Planning boosted its position in shares of Progressive Corp. by 88.9% in the second quarter. Creative Planning now owns 4,058 shares of the company’s stock valued at $136,000 after buying an additional 1,910 shares during the last quarter. Coyle Financial Counsel LLC purchased a new position in shares of Progressive Corp. during the second quarter valued at about $211,000. Finally, Advisor Partners LLC boosted its position in shares of Progressive Corp. by 2.7% in the first quarter. Advisor Partners LLC now owns 7,968 shares of the company’s stock valued at $280,000 after buying an additional 206 shares during the last quarter. 76.53% of the stock is currently owned by institutional investors.
Shares of Progressive Corp. (NYSE:PGR) traded up 1.32% during trading on Friday, hitting $31.44. The stock had a trading volume of 3,702,145 shares. The firm’s 50-day moving average is $31.69 and its 200 day moving average is $32.87. The firm has a market cap of $18.30 billion, a price-to-earnings ratio of 17.47 and a beta of 0.73. Progressive Corp. has a 52-week low of $29.32 and a 52-week high of $35.54.
Progressive Corp. (NYSE:PGR) last issued its 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. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. The company earned $5.93 billion during the quarter. During the same quarter last year, the firm earned $0.62 EPS. The firm’s revenue was up 13.1% on a year-over-year basis. On average, analysts expect that Progressive Corp. will post $1.60 EPS for the current year.
Several brokerages have issued reports on PGR. Credit Suisse Group AG set a $28.00 target price on Progressive Corp. and gave the stock a “sell” rating in a research report on Saturday, September 17th. FBR & Co reissued a “hold” rating on shares of Progressive Corp. in a research report on Thursday, June 16th. Argus reissued a “hold” rating and issued a $33.00 target price on shares of Progressive Corp. in a research report on Monday, July 18th. Keefe, Bruyette & Woods raised Progressive Corp. from an “underperform” rating to a “market perform” rating and raised their target price for the stock from $29.00 to $31.00 in a research report on Thursday, September 15th. Finally, Zacks Investment Research raised Progressive Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Five research analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Progressive Corp. presently has a consensus rating of “Hold” and an average price target of $32.16.
In other news, insider Steven Broz sold 2,500 shares of the company’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $33.17, for a total value of $82,925.00. Following the sale, the insider now owns 9,420 shares in the company, valued at $312,461.40. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider M Jeffrey Charney sold 7,000 shares of the company’s stock in a transaction dated 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 directly owns 71,961 shares of the company’s stock, valued at approximately $2,338,732.50. The disclosure for this sale can be found here. 0.60% of the stock is owned by 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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