British Columbia Investment Management Corp Reduces Position in Progressive Corp. (PGR)
British Columbia Investment Management Corp lowered its position in shares of Progressive Corp. (NYSE:PGR) by 11.1% during the third quarter, according to its most recent disclosure with the SEC. The firm owned 315,834 shares of the company’s stock after selling 39,298 shares during the period. British Columbia Investment Management Corp owned 0.05% of Progressive Corp. worth $9,949,000 as of its most recent SEC filing.
A number of other hedge funds have also recently added to or reduced their stakes in the stock. Wetherby Asset Management Inc. boosted its stake in Progressive Corp. by 0.9% in the second quarter. Wetherby Asset Management Inc. now owns 11,254 shares of the company’s stock worth $377,000 after buying an additional 101 shares during the last quarter. Conning Inc. boosted its stake in shares of Progressive Corp. by 1.5% in the second quarter. Conning Inc. now owns 13,607 shares of the company’s stock worth $456,000 after buying an additional 200 shares in the last quarter. Mn Services Vermogensbeheer B.V. boosted its stake in shares of Progressive Corp. by 1.6% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 14,762 shares of the company’s stock worth $445,000 after buying an additional 228 shares in the last quarter. World Asset Management Inc boosted its stake in shares of Progressive Corp. by 0.4% in the second quarter. World Asset Management Inc now owns 59,810 shares of the company’s stock worth $2,004,000 after buying an additional 233 shares in the last quarter. Finally, Advisor Partners LLC boosted its stake in shares of Progressive Corp. by 3.0% in the second quarter. Advisor Partners LLC now owns 8,209 shares of the company’s stock worth $275,000 after buying an additional 241 shares in the last quarter. 78.05% of the stock is owned by hedge funds and other institutional investors.
Progressive Corp. (NYSE:PGR) traded up 0.15% during midday trading on Friday, hitting $33.45. The stock had a trading volume of 702,791 shares. Progressive Corp. has a 1-year low of $29.32 and a 1-year high of $35.54. The company’s 50 day moving average is $32.19 and its 200 day moving average is $32.46. The company has a market cap of $19.43 billion, a price-to-earnings ratio of 20.02 and a beta of 0.75.
Progressive Corp. (NYSE:PGR) last announced its quarterly earnings data on Thursday, October 13th. The company reported $0.34 earnings per share 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%. Progressive Corp.’s quarterly revenue was up 11.8% compared to the same quarter last year. During the same period last year, the firm earned $0.47 EPS. On average, equities analysts anticipate that Progressive Corp. will post $1.52 earnings per share for the current fiscal year.
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A number of brokerages have weighed in on PGR. Credit Suisse Group AG set a $28.00 price target on Progressive Corp. and gave the stock a “sell” rating in a research report on Saturday, September 17th. Citigroup Inc. raised Progressive Corp. from a “sell” rating to a “neutral” rating and boosted their price target for the stock from $30.00 to $34.00 in a research report on Friday, October 14th. Zacks Investment Research cut Progressive Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. Keefe, Bruyette & Woods raised Progressive Corp. from an “underperform” rating to a “market perform” rating and boosted their price target for the stock from $29.00 to $31.00 in a research report on Thursday, September 15th. Finally, William Blair reaffirmed an “outperform” rating on shares of Progressive Corp. in a research report on Saturday, September 10th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Progressive Corp. currently 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 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 owns 71,961 shares in the company, valued at approximately $2,338,732.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 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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