Contravisory Investment Management Inc. Cuts Stake in Progressive Corp. (PGR)
Contravisory Investment Management Inc. cut its position in Progressive Corp. (NYSE:PGR) by 4.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 177,096 shares of the company’s stock after selling 8,609 shares during the period. Contravisory Investment Management Inc.’s holdings in Progressive Corp. were worth $5,579,000 as of its most recent filing with the SEC.
Other hedge funds have also recently bought and sold shares of the company. Speece Thorson Capital Group Inc. raised its stake in shares of Progressive Corp. by 1.3% in the second quarter. Speece Thorson Capital Group Inc. now owns 396,118 shares of the company’s stock worth $13,270,000 after buying an additional 5,192 shares during the period. Bank of New York Mellon Corp raised its stake in shares of Progressive Corp. by 4.3% in the second quarter. Bank of New York Mellon Corp now owns 7,186,307 shares of the company’s stock worth $240,741,000 after buying an additional 296,244 shares during the period. Confluence Investment Management LLC raised its stake in shares of Progressive Corp. by 2.8% in the second quarter. Confluence Investment Management LLC now owns 1,581,487 shares of the company’s stock worth $52,980,000 after buying an additional 42,331 shares during the period. Hussman Strategic Advisors Inc. raised its stake in shares of Progressive Corp. by 40.0% in the second quarter. Hussman Strategic Advisors Inc. now owns 350,000 shares of the company’s stock worth $11,725,000 after buying an additional 100,000 shares during the period. Finally, IBM Retirement Fund raised its stake in shares of Progressive Corp. by 0.3% in the second quarter. IBM Retirement Fund now owns 76,282 shares of the company’s stock worth $2,633,000 after buying an additional 252 shares during the period. 76.80% of the stock is currently owned by institutional investors.
Progressive Corp. (NYSE:PGR) traded up 0.03% during mid-day trading on Friday, hitting $32.94. The stock had a trading volume of 2,779,089 shares. The company has a market capitalization of $19.13 billion, a P/E ratio of 19.71 and a beta of 0.75. Progressive Corp. has a 52 week low of $29.32 and a 52 week high of $35.54. The stock’s 50-day moving average is $31.88 and its 200 day moving average is $32.46.
Progressive Corp. (NYSE:PGR) last posted its quarterly earnings results 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. Progressive Corp. had a return on equity of 12.30% and a net margin of 4.31%. The company earned $6.05 billion during the quarter. During the same quarter in the prior year, the company earned $0.47 EPS. The firm’s revenue was up 11.8% compared to the same quarter last year. Equities analysts forecast that Progressive Corp. will post $1.52 earnings per share for the current fiscal year.
A number of equities research analysts have recently issued reports on the company. Credit Suisse Group AG set a $28.00 target price on Progressive Corp. and gave the stock a “sell” rating in a research report on Tuesday, August 23rd. Zacks Investment Research lowered Progressive Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. Citigroup Inc. raised Progressive Corp. from a “sell” rating to a “neutral” rating and boosted their target price for the stock from $30.00 to $34.00 in a research report on Friday, October 14th. William Blair reaffirmed an “outperform” rating on shares of Progressive Corp. in a research report on Saturday, September 10th. Finally, Keefe, Bruyette & Woods raised Progressive Corp. from an “underperform” rating to a “market perform” rating and boosted their target price for the stock from $29.00 to $31.00 in a research report on Thursday, September 15th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $32.41.
In other news, insider M Jeffrey Charney sold 7,000 shares of the firm’s stock in a transaction 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 transaction, the insider now directly owns 71,961 shares in the company, valued at approximately $2,338,732.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is owned by insiders.
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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