Huntington National Bank cut its position in shares of Progressive Corp. (NYSE:PGR) by 22.1% during the second quarter, Holdings Channel reports. The fund owned 33,277 shares of the company’s stock after selling 9,440 shares during the period. Huntington National Bank’s holdings in Progressive Corp. were worth $1,115,000 as of its most recent SEC filing.
Other large investors have also made changes to their positions in the company. Renaissance Technologies LLC boosted its stake in shares of 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 shares of 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 acquired a new stake in shares of Progressive Corp. during the second quarter worth approximately $22,332,000. Svenska Handelsbanken AB publ boosted its stake in shares of 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, Geode Capital Management LLC boosted its stake in shares of Progressive Corp. by 4.1% in the first quarter. Geode Capital Management LLC now owns 5,545,123 shares of the company’s stock worth $194,518,000 after buying an additional 217,306 shares during the last quarter. 76.01% of the stock is owned by institutional investors and hedge funds.
Progressive Corp. (NYSE:PGR) traded down 0.82% during mid-day trading on Monday, hitting $32.46. 2,707,041 shares of the stock traded hands. The firm has a market cap of $18.89 billion, a PE ratio of 18.03 and a beta of 0.73. The stock has a 50 day moving average price of $31.61 and a 200 day moving average price of $32.72. Progressive Corp. has a 12-month low of $29.32 and a 12-month high of $35.54.
Progressive Corp. (NYSE:PGR) last posted its quarterly earnings results on Thursday, October 13th. The company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Progressive Corp. had a net margin of 4.31% and a return on equity of 12.30%. The business earned $6.05 billion during the quarter. During the same period in the previous year, the business earned $0.47 earnings per share. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. On average, analysts expect that Progressive Corp. will post $1.60 earnings per share for the current fiscal year.
A number of equities research analysts have recently commented on PGR shares. Zacks Investment Research cut shares of Progressive Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. William Blair reiterated an “outperform” rating on shares of Progressive Corp. in a research note on Saturday, September 10th. Deutsche Bank AG dropped their price target on shares of Progressive Corp. from $30.00 to $28.00 and set a “sell” rating on the stock in a research note on Monday, September 19th. Credit Suisse Group AG set a $28.00 price target on shares of Progressive Corp. and gave the stock a “sell” rating in a research note on Friday, October 7th. Finally, MKM Partners reiterated a “buy” rating and set a $40.00 price target on shares of Progressive Corp. in a research note on Thursday, June 23rd. Four investment analysts have rated the stock with a sell rating, six have issued a hold rating, two have given 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 a consensus price target of $32.41.
In related news, insider M Jeffrey Charney sold 7,000 shares of Progressive Corp. stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $32.50, for a total value of $227,500.00. Following the sale, the insider now directly owns 71,961 shares in the company, valued at approximately $2,338,732.50. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, insider Michael D. Sieger sold 3,200 shares of Progressive Corp. stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $32.93, for a total transaction of $105,376.00. Following the completion of the sale, the insider now owns 49,755 shares in the company, valued at $1,638,432.15. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate 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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