Candriam Luxembourg S.C.A. boosted its position in shares of Progressive Corp. (NYSE:PGR) by 1.4% during the second quarter, Holdings Channel reports. The fund owned 49,766 shares of the company’s stock after buying an additional 671 shares during the period. Candriam Luxembourg S.C.A.’s holdings in Progressive Corp. were worth $1,667,000 at the end of the most recent reporting period.
Other large investors have also recently bought and sold shares of the company. Aperio Group LLC boosted 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 worth $6,716,000 after buying an additional 27,951 shares during the last quarter. Virginia Retirement System purchased a new stake in Progressive Corp. during the first quarter worth approximately $333,000. Pacad Investment Ltd. boosted its stake in Progressive Corp. by 293.2% in the first quarter. Pacad Investment Ltd. now owns 30,672 shares of the company’s stock worth $1,078,000 after buying an additional 22,872 shares during the last quarter. Ngam Advisors L.P. boosted its stake in Progressive Corp. by 12.6% in the first quarter. Ngam Advisors L.P. now owns 62,891 shares of the company’s stock worth $2,210,000 after buying an additional 7,015 shares during the last quarter. Finally, TIAA CREF Investment Management LLC boosted its stake in Progressive Corp. by 8.6% in the first quarter. TIAA CREF Investment Management LLC now owns 1,777,692 shares of the company’s stock worth $62,468,000 after buying an additional 141,256 shares during the last quarter. 76.53% of the stock is owned by institutional investors.
Progressive Corp. (NYSE:PGR) traded down 0.83% during mid-day trading on Tuesday, reaching $30.88. 2,753,238 shares of the company traded hands. Progressive Corp. has a 52 week low of $29.32 and a 52 week high of $35.54. The stock’s 50 day moving average price is $31.87 and its 200 day moving average price is $32.92. The firm has a market capitalization of $17.97 billion, a price-to-earnings ratio of 17.16 and a beta of 0.73.
Progressive Corp. (NYSE:PGR) last issued its earnings results on Thursday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.34 by $0.01. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. The company earned $5.93 billion during the quarter. During the same period last year, the firm posted $0.62 EPS. The company’s quarterly revenue was up 13.1% on a year-over-year basis. Equities analysts forecast that Progressive Corp. will post $1.60 EPS for the current year.
A number of equities research analysts recently commented on PGR shares. FBR & Co reissued a “hold” rating on shares of Progressive Corp. in a research report on Thursday, June 16th. 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. Argus reaffirmed a “hold” rating and issued a $33.00 price target on shares of Progressive Corp. in a report on Monday, July 18th. Zacks Investment Research cut shares of Progressive Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. Finally, Credit Suisse Group AG set a $28.00 price target on shares of Progressive Corp. and gave the stock a “sell” rating in a report on Tuesday, August 23rd. Five investment analysts have rated the stock with a sell rating, five have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $32.16.
In other news, insider M Jeffrey Charney sold 7,000 shares of the company’s stock in a transaction on Friday, September 2nd. The shares were 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 sale was disclosed in a document filed with the SEC, which is available at this link. Also, insider John A. Barbagallo sold 24,000 shares of the company’s 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 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 currently 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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