Advisors Asset Management Inc. Boosts Stake in Progressive Corp (PGR)
Advisors Asset Management Inc. raised its position in Progressive Corp (NYSE:PGR) by 5.2% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 12,311 shares of the insurance provider’s stock after buying an additional 611 shares during the period. Advisors Asset Management Inc.’s holdings in Progressive Corp were worth $482,000 at the end of the most recent reporting period.
Several other hedge funds have also made changes to their positions in PGR. Elkhorn Investments LLC purchased a new stake in Progressive Corp during the first quarter valued at about $1,307,000. 361 Capital LLC raised its stake in Progressive Corp by 138.1% in the first quarter. 361 Capital LLC now owns 216,598 shares of the insurance provider’s stock valued at $8,486,000 after buying an additional 125,643 shares during the period. Capital One National Association raised its stake in Progressive Corp by 3.0% in the first quarter. Capital One National Association now owns 35,158 shares of the insurance provider’s stock valued at $1,377,000 after buying an additional 1,010 shares during the period. Chicago Equity Partners LLC purchased a new stake in Progressive Corp during the first quarter valued at about $768,000. Finally, Parnassus Investments CA raised its stake in Progressive Corp by 6.3% in the first quarter. Parnassus Investments CA now owns 850,000 shares of the insurance provider’s stock valued at $33,303,000 after buying an additional 50,000 shares during the period. 76.70% of the stock is currently owned by institutional investors and hedge funds.
Progressive Corp (NYSE:PGR) opened at 42.30 on Monday. Progressive Corp has a 1-year low of $30.54 and a 1-year high of $42.44. The company has a 50 day moving average of $40.21 and a 200 day moving average of $37.58. The firm has a market capitalization of $24.57 billion, a P/E ratio of 20.64 and a beta of 0.75.
Progressive Corp (NYSE:PGR) last announced its quarterly earnings data on Tuesday, April 18th. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.68 by $0.01. Progressive Corp had a net margin of 4.40% and a return on equity of 12.59%. The firm had revenue of $6.49 billion during the quarter, compared to the consensus estimate of $6.49 billion. During the same quarter in the prior year, the firm posted $0.44 earnings per share. The company’s revenue was up 11.6% on a year-over-year basis. On average, equities research analysts anticipate that Progressive Corp will post $2.36 earnings per share for the current year.
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Several research firms have issued reports on PGR. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $48.00 price target on shares of Progressive Corp in a research report on Thursday, May 18th. Deutsche Bank AG raised shares of Progressive Corp from a “sell” rating to a “hold” rating and upped their price target for the stock from $35.00 to $40.00 in a research report on Wednesday, May 17th. FBR & Co upped their price target on shares of Progressive Corp from $35.00 to $36.00 and gave the stock a “mkt perform” rating in a research report on Wednesday, May 10th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Progressive Corp in a research report on Thursday, May 4th. Finally, Zacks Investment Research lowered shares of Progressive Corp from a “buy” rating to a “hold” rating in a research report on Friday, April 21st. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and five have given a buy rating to the company’s stock. Progressive Corp presently has an average rating of “Hold” and an average target price of $38.85.
In related news, insider Steven Broz sold 1,100 shares of the business’s stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $41.55, for a total value of $45,705.00. Following the sale, the insider now directly owns 8,955 shares in the company, valued at approximately $372,080.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 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 the Personal Lines, Commercial Lines and Property segments.
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