Fisher Asset Management LLC Lowers Position in Progressive Corp. (PGR)
Fisher Asset Management LLC decreased its position in shares of Progressive Corp. (NYSE:PGR) by 12.1% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 150,075 shares of the company’s stock after selling 20,627 shares during the period. Fisher Asset Management LLC’s holdings in Progressive Corp. were worth $4,727,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Eqis Capital Management Inc. purchased a new position in Progressive Corp. during the second quarter worth about $479,000. Capstone Asset Management Co. raised its position in Progressive Corp. by 3.5% in the second quarter. Capstone Asset Management Co. now owns 56,962 shares of the company’s stock worth $1,908,000 after buying an additional 1,919 shares during the last quarter. NN Investment Partners Holdings N.V. raised its position in Progressive Corp. by 44.8% in the second quarter. NN Investment Partners Holdings N.V. now owns 18,109 shares of the company’s stock worth $607,000 after buying an additional 5,600 shares during the last quarter. Tompkins Financial Corp raised its position in Progressive Corp. by 14.8% in the second quarter. Tompkins Financial Corp now owns 8,605 shares of the company’s stock worth $288,000 after buying an additional 1,110 shares during the last quarter. Finally, Creative Planning raised its position in Progressive Corp. by 88.9% in the second quarter. Creative Planning now owns 4,058 shares of the company’s stock worth $136,000 after buying an additional 1,910 shares during the last quarter. 76.56% of the stock is owned by hedge funds and other institutional investors.
Progressive Corp. (NYSE:PGR) traded up 0.48% during midday trading on Tuesday, hitting $33.58. 2,439,677 shares of the stock were exchanged. Progressive Corp. has a one year low of $29.32 and a one year high of $35.54. The company has a 50 day moving average price of $32.25 and a 200 day moving average price of $32.44. The firm has a market capitalization of $19.50 billion, a price-to-earnings ratio of 20.10 and a beta of 0.75.
Progressive Corp. (NYSE:PGR) last posted its earnings results 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. Progressive Corp. had a return on equity of 12.30% and a net margin of 4.31%. The firm earned $6.05 billion during the quarter. During the same quarter last year, the firm posted $0.47 earnings per share. The business’s revenue was up 11.8% compared to the same quarter last year. Equities analysts anticipate that Progressive Corp. will post $1.52 EPS for the current year.
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A number of research firms have issued reports on PGR. Credit Suisse Group AG set a $28.00 target price on shares of Progressive Corp. and gave the company a “sell” rating in a research note on Tuesday, August 23rd. Zacks Investment Research lowered shares of Progressive Corp. from a “hold” rating to a “sell” rating in a research note on Wednesday, August 3rd. Citigroup Inc. raised shares of Progressive Corp. from a “sell” rating to a “neutral” rating and boosted their target price for the company from $30.00 to $34.00 in a research note on Friday, October 14th. William Blair restated an “outperform” rating on shares of Progressive Corp. in a research report on Saturday, September 10th. Finally, Keefe, Bruyette & Woods upgraded shares of 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. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Progressive Corp. has an average rating of “Hold” and an average price target of $32.41.
In other Progressive Corp. news, insider M Jeffrey Charney sold 7,000 shares of the stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $32.50, for a total transaction of $227,500.00. Following the sale, the insider now owns 71,961 shares of the company’s stock, valued at approximately $2,338,732.50. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Company 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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