Jennison Associates LLC cut its position in shares of Progressive Corporation (The) (NYSE:PGR) by 84.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,665 shares of the insurance provider’s stock after selling 24,492 shares during the period. Jennison Associates LLC’s holdings in Progressive Corporation (The) were worth $206,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently bought and sold shares of the stock. Cypress Capital Management LLC WY bought a new position in Progressive Corporation (The) during the second quarter worth $106,000. IFP Advisors Inc raised its position in Progressive Corporation (The) by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after buying an additional 341 shares in the last quarter. Cornerstone Advisors Inc. raised its position in Progressive Corporation (The) by 4.1% in the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after buying an additional 133 shares in the last quarter. Dupont Capital Management Corp bought a new position in Progressive Corporation (The) during the second quarter worth $186,000. Finally, BB&T Securities LLC bought a new position in Progressive Corporation (The) during the second quarter worth $208,000. Institutional investors own 79.40% of the company’s stock.

Shares of Progressive Corporation (NYSE:PGR) opened at 46.57 on Thursday. The firm has a 50-day moving average price of $47.02 and a 200-day moving average price of $42.35. Progressive Corporation has a 52-week low of $30.54 and a 52-week high of $49.01. The stock has a market capitalization of $27.06 billion, a P/E ratio of 19.82 and a beta of 0.86.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.60 by $0.01. The firm had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.78 billion. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The company’s revenue was up 13.7% on a year-over-year basis. During the same quarter last year, the company posted $0.33 EPS. On average, analysts predict that Progressive Corporation will post $2.53 EPS for the current year.

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A number of research analysts have recently weighed in on the company. BidaskClub upgraded Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a report on Friday, August 11th. Citigroup Inc. raised their target price on Progressive Corporation (The) from $49.00 to $50.00 and gave the company a “neutral” rating in a report on Thursday, August 17th. Wells Fargo & Company restated a “hold” rating on shares of Progressive Corporation (The) in a report on Thursday, August 3rd. Zacks Investment Research upgraded Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a report on Wednesday, August 2nd. Finally, Barclays PLC increased their price target on Progressive Corporation (The) from $39.00 to $41.00 and gave the company an “underweight” rating in a research report on Friday, August 11th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the company’s stock. Progressive Corporation (The) presently has a consensus rating of “Buy” and a consensus price target of $45.21.

In other Progressive Corporation (The) news, CFO John P. Sauerland sold 50,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $48.65, for a total value of $2,432,500.00. Following the completion of the transaction, the chief financial officer now owns 370,364 shares in the company, valued at $18,018,208.60. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Susan Patricia Griffith sold 35,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $48.66, for a total transaction of $1,703,100.00. Following the completion of the transaction, the insider now owns 221,715 shares of the company’s stock, valued at approximately $10,788,651.90. The disclosure for this sale can be found here. In the last quarter, insiders sold 156,250 shares of company stock valued at $7,319,413. Insiders own 0.56% of the company’s stock.

About Progressive Corporation (The)

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.

Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

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