Progressive Corporation (The) (PGR) Position Raised by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC boosted its position in shares of Progressive Corporation (The) (NYSE:PGR) by 91.4% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,189 shares of the insurance provider’s stock after buying an additional 13,459 shares during the period. Janney Montgomery Scott LLC’s holdings in Progressive Corporation (The) were worth $1,243,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Cypress Capital Management LLC WY purchased a new position in Progressive Corporation (The) during the second quarter worth $106,000. Howard Hughes Medical Institute purchased a new position in Progressive Corporation (The) during the first quarter worth $110,000. Cornerstone Advisors Inc. boosted its position in Progressive Corporation (The) by 4.1% in the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after buying an additional 133 shares during the last quarter. Wendell David Associates Inc. purchased a new position in Progressive Corporation (The) during the first quarter worth $204,000. Finally, Intrust Bank NA purchased a new position in Progressive Corporation (The) during the first quarter worth $205,000. 79.54% of the stock is owned by institutional investors.

Shares of Progressive Corporation (NYSE PGR) opened at 47.71 on Friday. The stock has a market cap of $27.72 billion, a PE ratio of 20.30 and a beta of 0.86. The company’s 50-day moving average is $45.86 and its 200 day moving average is $41.48. Progressive Corporation has a 52 week low of $30.54 and a 52 week high of $48.04.

Progressive Corporation (The) (NYSE:PGR) last posted its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The business had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.78 billion. During the same quarter last year, the business posted $0.33 earnings per share. The business’s revenue was up 13.7% compared to the same quarter last year. Analysts forecast that Progressive Corporation will post $2.43 earnings per share for the current fiscal year.

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A number of research analysts have weighed in on the stock. BidaskClub cut shares of Progressive Corporation (The) from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Wells Fargo & Company reaffirmed a “hold” rating on shares of Progressive Corporation (The) in a report on Thursday, August 3rd. Zacks Investment Research raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price objective for the company in a report on Wednesday, August 2nd. Citigroup Inc. lifted their price objective on shares of Progressive Corporation (The) from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, July 13th. Finally, Morgan Stanley reaffirmed an “equal weight” rating and issued a $47.00 price objective (up previously from $43.00) on shares of Progressive Corporation (The) in a report on Saturday, July 22nd. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. Progressive Corporation (The) currently has a consensus rating of “Buy” and an average price target of $44.79.

In other Progressive Corporation (The) news, Director Jeffrey D. Kelly sold 20,000 shares of the firm’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $44.52, for a total transaction of $890,400.00. Following the completion of the transaction, the director now directly owns 59,963 shares in the company, valued at approximately $2,669,552.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the transaction, the insider now owns 151,051 shares of the company’s stock, valued at $6,744,427.15. The disclosure for this sale can be found here. Insiders have sold a total of 71,100 shares of company stock valued at $3,168,605 over the last 90 days. 0.56% of the stock is currently owned by insiders.

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.

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

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