Fifth Third Bancorp Has $1.49 Million Stake in Progressive Corporation (The) (PGR)

Fifth Third Bancorp lowered its position in shares of Progressive Corporation (The) (NYSE:PGR) by 4.8% during the first quarter, Holdings Channel reports. The institutional investor owned 38,047 shares of the insurance provider’s stock after selling 1,929 shares during the period. Fifth Third Bancorp’s holdings in Progressive Corporation (The) were worth $1,491,000 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 Corporation (The) during the fourth quarter worth $62,224,000. Viking Global Investors LP acquired a new stake in Progressive Corporation (The) during the fourth quarter worth $61,235,000. Assenagon Asset Management S.A. acquired a new stake in Progressive Corporation (The) during the first quarter worth $51,953,000. WINTON GROUP Ltd boosted its stake in Progressive Corporation (The) by 583.1% in the first quarter. WINTON GROUP Ltd now owns 1,483,470 shares of the insurance provider’s stock worth $46,729,000 after buying an additional 1,266,303 shares in the last quarter. Finally, Gillson Capital LP acquired a new stake in Progressive Corporation (The) during the fourth quarter worth $39,332,000. 79.40% of the stock is owned by hedge funds and other institutional investors.

Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

Progressive Corporation (NYSE:PGR) traded down 0.391% during midday trading on Tuesday, hitting $44.525. The stock had a trading volume of 760,413 shares. The company has a 50-day moving average of $41.93 and a 200-day moving average of $38.83. The stock has a market cap of $25.86 billion, a price-to-earnings ratio of 21.730 and a beta of 0.80. Progressive Corporation has a 1-year low of $30.54 and a 1-year high of $45.03.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings data on Tuesday, April 18th. The insurance provider reported $0.67 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.68 by $0.01. The company had revenue of $6.49 billion during the quarter, compared to analyst estimates of $6.49 billion. Progressive Corporation (The) had a net margin of 4.95% and a return on equity of 13.99%. The business’s revenue for the quarter was up 11.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.44 earnings per share. Equities research analysts forecast that Progressive Corporation will post $2.38 EPS for the current year.

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PGR has been the subject of a number of recent analyst reports. Wells Fargo & Co reaffirmed a “hold” rating on shares of Progressive Corporation (The) in a report on Tuesday, April 18th. Sandler O’Neill raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $45.00 price target for the company in a report on Tuesday, March 21st. Bank of America Corporation raised Progressive Corporation (The) from a “neutral” rating to a “buy” rating and raised their price target for the company from $40.00 to $46.00 in a report on Monday, March 20th. Zacks Investment Research cut Progressive Corporation (The) from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Finally, Keefe, Bruyette & Woods raised Progressive Corporation (The) from a “market perform” rating to an “outperform” rating and raised their price target for the company from $39.00 to $45.00 in a report on Monday, April 10th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $40.54.

In related news, insider Steven Broz sold 1,100 shares of the stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $41.55, for a total value of $45,705.00. Following the completion of the sale, the insider now directly owns 8,955 shares in the company, valued at $372,080.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.56% of the company’s stock.

Progressive Corporation (The) 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 the Personal Lines, Commercial Lines and Property segments.new TradingView.widget({ “height”: 400, “width”: 625, “symbol”: “PGR”, “interval”: “D”, “timezone”: “Etc/UTC”, “theme”: “White”, “style”: “1”, “locale”: “en”, “toolbar_bg”: “#f1f3f6”, “enable_publishing”: false, “hideideas”: true, “referral_id”: “2588”});

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corporation (The) (NYSE:PGR).

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