LMR Partners LLP cut its position in shares of Progressive Corp. (NYSE:PGR) by 52.6% during the second quarter, Holdings Channel reports. The fund owned 18,688 shares of the company’s stock after selling 20,705 shares during the period. LMR Partners LLP’s holdings in Progressive Corp. were worth $626,000 at the end of the most recent reporting period.
A number of other large investors also recently bought and sold shares of PGR. Renaissance Technologies LLC boosted its stake in Progressive Corp. by 503.7% in the first quarter. Renaissance Technologies LLC now owns 1,698,700 shares of the company’s stock worth $59,692,000 after buying an additional 1,417,300 shares during the last quarter. 1832 Asset Management L.P. boosted its stake in Progressive Corp. by 70.4% in the first quarter. 1832 Asset Management L.P. now owns 1,756,754 shares of the company’s stock worth $101,868,000 after buying an additional 726,059 shares during the last quarter. Bank of Montreal Can bought a new stake in Progressive Corp. during the second quarter worth about $22,332,000. Svenska Handelsbanken AB publ boosted its stake in Progressive Corp. by 2,405.4% in the second quarter. Svenska Handelsbanken AB publ now owns 558,700 shares of the company’s stock worth $18,716,000 after buying an additional 536,400 shares during the last quarter. Finally, ING Groep NV boosted its stake in Progressive Corp. by 7,288.2% in the first quarter. ING Groep NV now owns 533,132 shares of the company’s stock worth $18,729,000 after buying an additional 525,916 shares during the last quarter. Institutional investors own 76.53% of the company’s stock.
Shares of Progressive Corp. (NYSE:PGR) traded down 0.809% during trading on Tuesday, reaching $31.156. The company had a trading volume of 1,847,636 shares. Progressive Corp. has a 52-week low of $29.32 and a 52-week high of $35.54. The company has a 50 day moving average of $31.65 and a 200-day moving average of $32.82. The firm has a market capitalization of $18.13 billion, a P/E ratio of 17.309 and a beta of 0.73.
Progressive Corp. (NYSE:PGR) last posted its quarterly earnings data on Thursday, July 14th. The company reported $0.33 EPS for the quarter, missing analysts’ consensus estimates of $0.34 by $0.01. The business earned $5.93 billion during the quarter. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. The business’s quarterly revenue was up 13.1% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.62 earnings per share. Equities analysts expect that Progressive Corp. will post $1.60 earnings per share for the current year.
PGR has been the topic of a number of research analyst reports. Zacks Investment Research lowered Progressive Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. William Blair reissued an “outperform” rating on shares of Progressive Corp. in a report on Saturday, September 10th. Deutsche Bank AG lowered their price target on Progressive Corp. from $30.00 to $28.00 and set a “sell” rating on the stock in a report on Monday, September 19th. Credit Suisse Group AG set a $28.00 price target on Progressive Corp. and gave the company a “sell” rating in a report on Friday. Finally, MKM Partners reissued a “buy” rating and set a $40.00 price target on shares of Progressive Corp. in a report on Thursday, June 23rd. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Progressive Corp. currently has an average rating of “Hold” and a consensus target price of $32.16.
In other Progressive Corp. news, insider John A. Barbagallo sold 24,000 shares of the business’s stock in a transaction on Monday, July 18th. The stock was sold at an average price of $33.01, for a total value of $792,240.00. Following the transaction, the insider now owns 148,139 shares of the company’s stock, valued at $4,890,068.39. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 2,500 shares of the business’s stock in a transaction on Friday, July 15th. The stock was sold at an average price of $33.17, for a total value of $82,925.00. Following the completion of the transaction, the insider now directly owns 9,420 shares in the company, valued at approximately $312,461.40. The disclosure for this sale can be found here. 0.60% of the stock is owned by company 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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