Longview Partners Guernsey LTD reduced its position in shares of Progressive Corp. (NYSE:PGR) by 2.4% during the second quarter, Holdings Channel reports. The institutional investor owned 20,177,587 shares of the company’s stock after selling 492,740 shares during the period. Progressive Corp. makes up approximately 4.5% of Longview Partners Guernsey LTD’s investment portfolio, making the stock its 12th largest position. Longview Partners Guernsey LTD’s holdings in Progressive Corp. were worth $675,949,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Virginia Retirement System purchased a new position in Progressive Corp. during the first quarter worth $333,000. Ngam Advisors L.P. increased its position in Progressive Corp. by 12.6% in the first quarter. Ngam Advisors L.P. now owns 62,891 shares of the company’s stock valued at $2,210,000 after buying an additional 7,015 shares during the period. NN Investment Partners Holdings N.V. bought a new position in Progressive Corp. during the first quarter valued at approximately $439,000. Landscape Capital Management L.L.C. bought a new position in Progressive Corp. during the first quarter valued at approximately $515,000. Finally, M&T Bank Corp increased its position in Progressive Corp. by 16.6% in the first quarter. M&T Bank Corp now owns 76,904 shares of the company’s stock valued at $2,702,000 after buying an additional 10,976 shares during the period. 76.01% of the stock is currently owned by institutional investors.
Progressive Corp. (NYSE:PGR) traded down 0.82% during midday trading on Monday, hitting $32.46. The stock had a trading volume of 2,707,041 shares. Progressive Corp. has a 12-month low of $29.32 and a 12-month high of $35.54. The firm has a 50-day moving average of $31.61 and a 200-day moving average of $32.78. The company has a market cap of $18.89 billion, a PE ratio of 18.03 and a beta of 0.73.
Progressive Corp. (NYSE:PGR) last issued its quarterly earnings data on Thursday, October 13th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.02. The company earned $6.05 billion during the quarter. Progressive Corp. had a net margin of 4.31% and a return on equity of 12.30%. The firm’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the previous year, the business posted $0.47 earnings per share. Equities research analysts forecast that Progressive Corp. will post $1.60 EPS for the current year.
Several research analysts have recently commented on the company. Argus reaffirmed a “hold” rating and issued a $33.00 price objective on shares of Progressive Corp. in a research note on Monday, July 18th. Credit Suisse Group AG set a $28.00 price objective on Progressive Corp. and gave the stock a “sell” rating in a research note on Tuesday, August 23rd. Zacks Investment Research downgraded Progressive Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, August 3rd. MKM Partners reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Progressive Corp. in a research note on Thursday, June 23rd. Finally, Citigroup Inc. raised Progressive Corp. from a “sell” rating to a “neutral” rating and raised their price objective for the stock from $30.00 to $34.00 in a research note on Friday. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of “Hold” and an average price target of $32.41.
In related news, insider Michael D. Sieger sold 3,200 shares of the company’s stock in a transaction dated Friday, July 22nd. The stock was sold at an average price of $32.93, for a total value of $105,376.00. Following the completion of the transaction, the insider now owns 49,755 shares of the company’s stock, valued at approximately $1,638,432.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider M Jeffrey Charney sold 7,000 shares of the company’s stock in a transaction dated Friday, September 2nd. The stock was sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the transaction, the insider now directly owns 71,961 shares of the company’s stock, valued at approximately $2,338,732.50. The disclosure for this sale can be found here. 0.60% of the stock is owned by insiders.
Progressive Corp. 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 Personal Lines, Commercial Lines and Property segments.