M&T Bank Corp raised its stake in Progressive Corp. (NYSE:PGR) by 20.1% during the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 123,624 shares of the company’s stock after buying an additional 20,679 shares during the period. M&T Bank Corp’s holdings in Progressive Corp. were worth $3,894,000 as of its most recent SEC filing.

Other large investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its position in shares of Progressive Corp. by 1.6% in the second quarter. Vanguard Group Inc. now owns 33,554,178 shares of the company’s stock valued at $1,124,064,000 after buying an additional 518,305 shares in the last quarter. BlackRock Institutional Trust Company N.A. raised its position in shares of Progressive Corp. by 3.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 15,891,464 shares of the company’s stock valued at $532,364,000 after buying an additional 586,874 shares in the last quarter. BlackRock Fund Advisors raised its position in shares of Progressive Corp. by 1.5% in the second quarter. BlackRock Fund Advisors now owns 9,611,108 shares of the company’s stock valued at $321,972,000 after buying an additional 139,319 shares in the last quarter. JPMorgan Chase & Co. raised its position in shares of Progressive Corp. by 2.9% in the second quarter. JPMorgan Chase & Co. now owns 7,590,351 shares of the company’s stock valued at $254,277,000 after buying an additional 211,111 shares in the last quarter. Finally, Bank of New York Mellon Corp raised its position 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 valued at $240,741,000 after buying an additional 296,244 shares in the last quarter. Hedge funds and other institutional investors own 76.56% of the company’s stock.

Institutional Ownership by Quarter for Progressive Corp. (NYSE:PGR)

Progressive Corp. (NYSE:PGR) traded up 0.48% on Tuesday, reaching $33.58. 2,439,677 shares of the company were exchanged. The firm has a market capitalization of $19.50 billion, a P/E ratio of 20.10 and a beta of 0.75. The firm has a 50-day moving average of $32.25 and a 200 day moving average of $32.44. Progressive Corp. has a 12-month low of $29.32 and a 12-month high of $35.54.

Progressive Corp. (NYSE:PGR) last issued its quarterly earnings data on Thursday, October 13th. The company reported $0.34 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.02. The company had revenue of $6.05 billion for 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% compared to the same quarter last year. During the same quarter last year, the business posted $0.47 EPS. On average, equities analysts predict that Progressive Corp. will post $1.52 earnings per share for the current year.

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A number of analysts have weighed in on PGR shares. Credit Suisse Group AG set a $28.00 price target on Progressive Corp. and gave the stock a “sell” rating in a report on Saturday, September 17th. Citigroup Inc. upgraded Progressive Corp. from a “sell” rating to a “neutral” rating and raised their target price for the company from $30.00 to $34.00 in a research note on Friday, October 14th. Zacks Investment Research cut shares of Progressive Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. Keefe, Bruyette & Woods raised shares of Progressive Corp. from an “underperform” rating to a “market perform” rating and raised their price target for the company 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 given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. Progressive Corp. currently has a consensus rating of “Hold” and an average target price 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 shares were sold at an average price of $32.50, for a total transaction of $227,500.00. Following the sale, the insider now directly owns 71,961 shares in the company, valued at approximately $2,338,732.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.60% of the stock is currently owned by company 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.

5 Day Chart for NYSE:PGR

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