Bank of New York Mellon Corp lowered its position in Progressive Corp. (NYSE:PGR) by 1.1% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,105,197 shares of the company’s stock after selling 81,110 shares during the period. Bank of New York Mellon Corp owned 1.22% of Progressive Corp. worth $223,813,000 at the end of the most recent quarter.

Several other large investors have also modified their holdings of the company. Advisor Partners LLC raised its stake in shares of Progressive Corp. by 0.5% in the third quarter. Advisor Partners LLC now owns 8,251 shares of the company’s stock worth $260,000 after buying an additional 42 shares in the last quarter. Wetherby Asset Management Inc. raised its stake in shares of 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 period. Buckingham Asset Management LLC raised its stake in shares of Progressive Corp. by 1.4% in the third quarter. Buckingham Asset Management LLC now owns 8,912 shares of the company’s stock worth $281,000 after buying an additional 121 shares during the period. Conning Inc. raised 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 during the period. Finally, Mn Services Vermogensbeheer B.V. raised 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 during the period. 76.56% of the stock is owned by hedge funds and other institutional investors.

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

Progressive Corp. (NYSE:PGR) opened at 33.30 on Thursday. Progressive Corp. has a 52 week low of $29.32 and a 52 week high of $35.54. The company’s 50-day moving average price is $32.25 and its 200 day moving average price is $32.44. The stock has a market capitalization of $19.34 billion, a P/E ratio of 19.93 and a beta of 0.75.

Progressive Corp. (NYSE:PGR) last released its quarterly earnings results on Thursday, October 13th. The company reported $0.34 EPS for the quarter, missing analysts’ consensus estimates 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 had revenue of $6.05 billion for the quarter. During the same quarter last year, the business earned $0.47 EPS. The firm’s quarterly revenue was up 11.8% compared to the same quarter last year. Equities research analysts expect that Progressive Corp. will post $1.52 EPS for the current fiscal year.

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A number of equities research analysts have weighed in on the company. Credit Suisse Group AG reaffirmed a “sell” rating and set a $28.00 target price on shares of Progressive Corp. in a research report on Thursday, November 17th. Zacks Investment Research raised Progressive Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, November 9th. Citigroup Inc. raised Progressive Corp. from a “sell” rating to a “neutral” rating and lifted their target price for the company from $30.00 to $34.00 in a research report on Friday, October 14th. Deutsche Bank AG decreased their target price on Progressive Corp. from $30.00 to $28.00 and set a “sell” rating for the company in a research report on Monday, September 19th. Finally, Keefe, Bruyette & Woods raised Progressive Corp. from an “underperform” rating to a “market perform” rating and lifted their target price for the company 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 given a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $32.41.

In other Progressive Corp. news, insider M Jeffrey Charney sold 7,000 shares of the company’s stock in a transaction on Friday, September 2nd. The stock was sold at an average price of $32.50, for a total transaction of $227,500.00. Following the transaction, the insider now directly owns 71,961 shares in the company, valued at $2,338,732.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company 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.

5 Day Chart for NYSE:PGR

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