TIAA CREF Investment Management LLC Buys 1,752,867 Shares of Progressive Corporation (The) (PGR)

TIAA CREF Investment Management LLC lifted its stake in Progressive Corporation (The) (NYSE:PGR) by 32.7% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 7,118,721 shares of the insurance provider’s stock after purchasing an additional 1,752,867 shares during the period. TIAA CREF Investment Management LLC owned 1.23% of Progressive Corporation (The) worth $313,864,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of PGR. Acadian Asset Management LLC boosted its position in shares of Progressive Corporation (The) by 1,665.4% in the 1st quarter. Acadian Asset Management LLC now owns 7,644 shares of the insurance provider’s stock worth $300,000 after purchasing an additional 7,211 shares during the last quarter. Chicago Equity Partners LLC bought a new position in shares of Progressive Corporation (The) in the 1st quarter worth $768,000. Advisors Asset Management Inc. boosted its position in shares of Progressive Corporation (The) by 5.2% in the 1st quarter. Advisors Asset Management Inc. now owns 12,311 shares of the insurance provider’s stock worth $482,000 after purchasing an additional 611 shares during the last quarter. World Asset Management Inc boosted its position in shares of Progressive Corporation (The) by 10.9% in the 1st quarter. World Asset Management Inc now owns 62,360 shares of the insurance provider’s stock worth $2,443,000 after purchasing an additional 6,117 shares during the last quarter. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Progressive Corporation (The) by 10.1% in the 1st quarter. UBS Asset Management Americas Inc. now owns 1,616,026 shares of the insurance provider’s stock worth $63,316,000 after purchasing an additional 147,842 shares during the last quarter. Institutional investors and hedge funds own 79.41% of the company’s stock.

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Progressive Corporation (NYSE:PGR) traded down 0.30% during mid-day trading on Tuesday, hitting $46.28. The company’s stock had a trading volume of 1,658,220 shares. The firm has a 50 day moving average of $47.21 and a 200-day moving average of $42.95. The firm has a market cap of $26.89 billion, a price-to-earnings ratio of 19.69 and a beta of 0.88. Progressive Corporation has a 52-week low of $30.54 and a 52-week high of $49.01.

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.01). The company had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.78 billion. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. Progressive Corporation (The)’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period last year, the company earned $0.33 EPS. On average, equities research analysts expect that Progressive Corporation will post $2.51 EPS for the current fiscal year.

In other news, insider Susan Patricia Griffith sold 35,000 shares of the stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $48.66, for a total transaction of $1,703,100.00. Following the transaction, the insider now owns 221,715 shares of the company’s stock, valued at approximately $10,788,651.90. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider William M. Cody sold 50,000 shares of the stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the transaction, the insider now directly owns 151,051 shares in the company, valued at approximately $6,744,427.15. The disclosure for this sale can be found here. Insiders have sold a total of 156,250 shares of company stock worth $7,319,413 in the last three months. Insiders own 0.56% of the company’s stock.

Several research analysts have weighed in on PGR shares. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a report on Thursday, August 3rd. Deutsche Bank AG upgraded Progressive Corporation (The) from a “sell” rating to a “hold” rating and lifted their target price for the stock from $35.00 to $40.00 in a report on Wednesday, May 17th. Zacks Investment Research upgraded Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 target price on the stock in a report on Monday, June 19th. Citigroup Inc. lifted their target price on Progressive Corporation (The) from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 17th. Finally, Barclays PLC lifted their target price on Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, July 3rd. Three research analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and three have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $44.87.

Progressive Corporation (The) 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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