Progressive Corp. (PGR) is Cooke & Bieler LP’s 7th Largest Position
Cooke & Bieler LP lowered its position in Progressive Corp. (NYSE:PGR) by 0.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). 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 holdings, making the stock its 7th largest position. Cooke & Bieler LP owned approximately 0.55% of Progressive Corp. worth $107,072,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the company. Virginia Retirement System acquired a new position in shares of Progressive Corp. during the first quarter worth approximately $333,000. Ngam Advisors L.P. raised its position in shares of Progressive Corp. by 12.6% in the first quarter. Ngam Advisors L.P. now owns 62,891 shares of the company’s stock worth $2,210,000 after buying an additional 7,015 shares during the period. NN Investment Partners Holdings N.V. acquired a new position in shares of Progressive Corp. during the first quarter worth approximately $439,000. Landscape Capital Management L.L.C. acquired a new position in shares of Progressive Corp. during the first quarter worth approximately $515,000. Finally, M&T Bank Corp raised its position in shares of Progressive Corp. by 16.6% in the first quarter. M&T Bank Corp now owns 76,904 shares of the company’s stock worth $2,702,000 after buying an additional 10,976 shares during the period. Institutional investors own 76.01% of the company’s stock.
Shares of Progressive Corp. (NYSE:PGR) traded down 0.82% during mid-day trading on Monday, reaching $32.46. The company’s stock had a trading volume of 2,706,066 shares. The firm has a 50 day moving average price of $31.61 and a 200 day moving average price of $32.78. The firm has a market cap of $18.89 billion, a price-to-earnings ratio of 18.03 and a beta of 0.73. Progressive Corp. has a 52-week low of $29.32 and a 52-week high of $35.54.
Progressive Corp. (NYSE:PGR) last issued its earnings results on Thursday, October 13th. The company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Progressive Corp. had a return on equity of 12.30% and a net margin of 4.31%. The business had revenue of $6.05 billion for the quarter. During the same period in the prior year, the company earned $0.47 EPS. The company’s revenue for the quarter was up 11.8% compared to the same quarter last year. On average, equities analysts predict that Progressive Corp. will post $1.60 EPS for the current fiscal year.
PGR has been the subject of a number of research analyst reports. MKM Partners reiterated a “buy” rating and set a $40.00 price target on shares of Progressive Corp. in a report on Thursday, June 23rd. Argus reiterated a “hold” rating and set a $33.00 price target on shares of Progressive Corp. in a report on Monday, July 18th. Zacks Investment Research lowered Progressive Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. 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. Finally, William Blair reiterated an “outperform” rating on shares of Progressive Corp. in a report on Saturday, September 10th. Four 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’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $32.41.
In related news, insider Michael D. Sieger sold 3,200 shares of Progressive Corp. stock in a transaction that occurred on Friday, July 22nd. The stock was sold at an average price of $32.93, for a total transaction of $105,376.00. Following the completion of the sale, the insider now directly 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 SEC, which is accessible through the SEC website. Also, insider M Jeffrey Charney sold 7,000 shares of Progressive Corp. stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $32.50, for a total value of $227,500.00. Following the sale, the insider now directly owns 71,961 shares of the company’s stock, valued at $2,338,732.50. The disclosure for this sale can be found here. Insiders own 0.60% of the company’s stock.
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.
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