Investment Management of Virginia LLC reduced its position in shares of Progressive Corp (NYSE:PGR) by 2.6% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 20,001 shares of the insurance provider’s stock after selling 525 shares during the period. Investment Management of Virginia LLC’s holdings in Progressive were worth $1,545,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in PGR. Weatherly Asset Management L. P. boosted its stake in shares of Progressive by 3.1% in the second quarter. Weatherly Asset Management L. P. now owns 4,361 shares of the insurance provider’s stock valued at $349,000 after purchasing an additional 131 shares during the period. Archford Capital Strategies LLC boosted its stake in shares of Progressive by 49.5% in the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 135 shares during the period. Cornerstone Advisors Inc. boosted its stake in shares of Progressive by 5.4% in the second quarter. Cornerstone Advisors Inc. now owns 2,740 shares of the insurance provider’s stock valued at $219,000 after purchasing an additional 141 shares during the period. TRUE Private Wealth Advisors boosted its stake in shares of Progressive by 3.5% in the second quarter. TRUE Private Wealth Advisors now owns 4,254 shares of the insurance provider’s stock valued at $340,000 after purchasing an additional 144 shares during the period. Finally, Eukles Asset Management boosted its stake in shares of Progressive by 2.2% in the third quarter. Eukles Asset Management now owns 7,253 shares of the insurance provider’s stock valued at $560,000 after purchasing an additional 155 shares during the period. Hedge funds and other institutional investors own 78.67% of the company’s stock.
Progressive stock traded up $0.06 during trading on Monday, reaching $73.73. The stock had a trading volume of 2,686,970 shares, compared to its average volume of 3,089,688. Progressive Corp has a 52-week low of $56.71 and a 52-week high of $84.96. The business has a 50 day moving average price of $73.13 and a 200 day moving average price of $77.38. The company has a quick ratio of 0.36, a current ratio of 0.42 and a debt-to-equity ratio of 0.31. The stock has a market cap of $40.28 billion, a PE ratio of 16.68, a P/E/G ratio of 1.75 and a beta of 0.65.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Thursday, November 7th. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.03. Progressive had a net margin of 8.69% and a return on equity of 25.83%. On average, equities analysts predict that Progressive Corp will post 5.37 EPS for the current fiscal year.
In other Progressive news, CEO Susan Patricia Griffith sold 22,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the sale, the chief executive officer now owns 352,795 shares of the company’s stock, valued at $26,978,233.65. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, October 18th. The stock was sold at an average price of $70.84, for a total transaction of $354,200.00. Following the sale, the insider now directly owns 25,295 shares in the company, valued at approximately $1,791,897.80. The disclosure for this sale can be found here. Insiders sold 39,500 shares of company stock valued at $3,005,735 in the last quarter. 0.39% of the stock is owned by insiders.
Several research analysts have recently commented on the stock. Evercore ISI assumed coverage on shares of Progressive in a research note on Thursday, October 17th. They issued an “in-line” rating and a $78.00 price objective for the company. Wells Fargo & Co reissued a “hold” rating and issued a $76.00 price objective on shares of Progressive in a research note on Thursday. Barclays set a $90.00 price objective on shares of Progressive and gave the company a “buy” rating in a research note on Friday, September 13th. ValuEngine lowered shares of Progressive from a “hold” rating to a “sell” rating in a research note on Tuesday, October 15th. Finally, Buckingham Research lifted their price target on shares of Progressive from $74.00 to $78.00 and gave the stock a “neutral” rating in a research note on Thursday, September 12th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $82.64.
Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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