Todays Report: The Progressive Corp. (PGR) is Cooke & Bieler LP’s 7th Largest Position

The Progressive Corp. (PGR) is Cooke & Bieler LP’s 7th Largest Position

Cooke & Bieler LP decreased its stake in Progressive Corp. (NYSE:PGR) by 0.3% during the second quarter, Holdings Channel reports. The fund owned 3,196,172 shares of the company’s stock after selling 8,180 shares during the period. Progressive Corp. comprises 2.4% of Cooke & Bieler LP’s portfolio, making the stock its 7th largest position. Cooke & Bieler LP’s holdings in Progressive Corp. were worth $107,072,000 as of its most recent SEC filing.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Geode Capital Management LLC boosted its position 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 valued at $194,518,000 after buying an additional 217,306 shares in the last quarter. Pictet Asset Management Ltd. boosted its position in shares of Progressive Corp. by 1.6% in the first quarter. Pictet Asset Management Ltd. now owns 312,652 shares of the company’s stock valued at $9,980,000 after buying an additional 4,900 shares in the last quarter. Quadrature Capital Ltd bought a new position in shares of Progressive Corp. during the first quarter valued at $5,244,000. Primecap Management Co. CA boosted its position in shares of Progressive Corp. by 0.7% in the first quarter. Primecap Management Co. CA now owns 11,766,525 shares of the company’s stock valued at $413,476,000 after buying an additional 86,200 shares in the last quarter. Finally, Meeder Asset Management Inc. bought a new position in shares of Progressive Corp. during the first quarter valued at $592,000. 76.01% of the stock is owned by institutional investors and hedge funds.

Progressive Corp. (NYSE:PGR) traded down 0.82% on Monday, reaching $32.46. The company had a trading volume of 2,706,066 shares. The company’s 50 day moving average is $31.61 and its 200-day moving average is $32.78. Progressive Corp. has a one year low of $29.32 and a one year high of $35.54. The firm has a market capitalization of $18.89 billion, a price-to-earnings ratio of 18.03 and a beta of 0.73.

Progressive Corp. (NYSE:PGR) last announced its quarterly earnings data on Thursday, October 13th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ 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 company had revenue of $6.05 billion for the quarter. During the same quarter in the prior year, the business earned $0.47 earnings per share. The company’s revenue was up 11.8% on a year-over-year basis. On average, equities research analysts expect that Progressive Corp. will post $1.60 earnings per share for the current fiscal year.

A number of research firms have recently commented on PGR. Argus reissued a “hold” rating and set a $33.00 price target on shares of Progressive Corp. in a report on Monday, July 18th. Credit Suisse Group AG set a $28.00 price target on Progressive Corp. and gave the stock a “sell” rating in a report on Tuesday, August 23rd. Zacks Investment Research cut Progressive Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. MKM Partners reissued a “buy” rating and set a $40.00 price target on shares of Progressive Corp. in a report on Thursday, June 23rd. Finally, Citigroup Inc. upgraded Progressive Corp. from a “sell” rating to a “neutral” rating and boosted their price objective for the stock from $30.00 to $34.00 in a research report on Friday. Four analysts have rated the stock with a sell rating, six have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $32.41.

In other news, insider M Jeffrey Charney sold 7,000 shares of the firm’s stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $32.50, for a total transaction of $227,500.00. Following the transaction, the insider now directly owns 71,961 shares of the company’s stock, valued at $2,338,732.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Michael D. Sieger sold 3,200 shares of the firm’s stock in a transaction dated Friday, July 22nd. The shares were sold at an average price of $32.93, for a total value of $105,376.00. Following the transaction, the insider now directly owns 49,755 shares in the company, valued at $1,638,432.15. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.

About Progressive Corp.

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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