Principal Financial Group Inc. raised its stake in shares of Progressive Corporation (The) (NYSE:PGR) by 13.3% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,429,427 shares of the insurance provider’s stock after buying an additional 639,307 shares during the period. Principal Financial Group Inc. owned approximately 0.93% of Progressive Corporation (The) worth $239,383,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in the stock. BlackRock Inc. raised its position in shares of Progressive Corporation (The) by 2,817.6% in the first quarter. BlackRock Inc. now owns 35,897,019 shares of the insurance provider’s stock valued at $1,406,446,000 after buying an additional 34,666,678 shares in the last quarter. William Blair Investment Management LLC raised its position in shares of Progressive Corporation (The) by 24,360.1% in the second quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock valued at $211,591,000 after buying an additional 4,779,442 shares in the last quarter. Bank of Montreal Can raised its position in shares of Progressive Corporation (The) by 294.3% in the second quarter. Bank of Montreal Can now owns 2,790,503 shares of the insurance provider’s stock valued at $123,034,000 after buying an additional 2,082,834 shares in the last quarter. TimesSquare Capital Management LLC raised its position in shares of Progressive Corporation (The) by 72.5% in the first quarter. TimesSquare Capital Management LLC now owns 4,605,710 shares of the insurance provider’s stock valued at $180,452,000 after buying an additional 1,935,415 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in shares of Progressive Corporation (The) by 3.8% in the first quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock valued at $1,471,278,000 after buying an additional 1,357,926 shares in the last quarter. 79.40% of the stock is currently owned by institutional investors.

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

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.01. The business 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 quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the firm posted $0.33 EPS. On average, equities research analysts forecast that Progressive Corporation will post $2.53 EPS for the current year.

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Several research analysts recently issued reports on PGR shares. Wells Fargo & Company reaffirmed a “hold” rating and set a $45.00 target price on shares of Progressive Corporation (The) in a research report on Tuesday, July 18th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price objective (up from $40.00) on shares of Progressive Corporation (The) in a report on Friday, July 7th. BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $48.00 price objective on shares of Progressive Corporation (The) in a report on Thursday, May 18th. Finally, Deutsche Bank AG raised Progressive Corporation (The) from a “sell” rating to a “hold” rating and increased their price objective for the company from $35.00 to $40.00 in a report on Wednesday, May 17th. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and three have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $45.21.

In other Progressive Corporation (The) news, insider William M. Cody sold 50,000 shares of Progressive Corporation (The) stock in a transaction that occurred on Friday, June 16th. The shares were sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the transaction, the insider now directly owns 151,051 shares in the company, valued at approximately $6,744,427.15. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Jeffrey D. Kelly sold 20,000 shares of Progressive Corporation (The) stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $44.52, for a total transaction of $890,400.00. Following the transaction, the director now owns 59,963 shares in the company, valued at $2,669,552.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 156,250 shares of company stock worth $7,319,413. Corporate 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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