Weik Investment Services Inc. reduced its holdings in Progressive Corporation (The) (NYSE:PGR) by 1.0% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 112,380 shares of the insurance provider’s stock after selling 1,150 shares during the quarter. Progressive Corporation (The) comprises 2.6% of Weik Investment Services Inc.’s portfolio, making the stock its 9th biggest holding. Weik Investment Services Inc.’s holdings in Progressive Corporation (The) were worth $4,955,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Royal Bank of Canada boosted its position in shares of Progressive Corporation (The) by 20.4% in the second quarter. Royal Bank of Canada now owns 747,020 shares of the insurance provider’s stock valued at $32,936,000 after acquiring an additional 126,317 shares during the period. Zurich Insurance Group Ltd FI grew its stake in shares of Progressive Corporation (The) by 35.1% in the second quarter. Zurich Insurance Group Ltd FI now owns 79,608 shares of the insurance provider’s stock worth $3,510,000 after acquiring an additional 20,669 shares during the last quarter. Sun Life Financial INC grew its stake in shares of Progressive Corporation (The) by 35,300.0% in the second quarter. Sun Life Financial INC now owns 4,248 shares of the insurance provider’s stock worth $187,000 after acquiring an additional 4,236 shares during the last quarter. Picton Mahoney Asset Management acquired a new stake in shares of Progressive Corporation (The) in the second quarter worth $7,747,000. Finally, Employees Retirement System of Texas grew its stake in shares of Progressive Corporation (The) by 42.9% in the second quarter. Employees Retirement System of Texas now owns 40,000 shares of the insurance provider’s stock worth $1,764,000 after acquiring an additional 12,000 shares during the last quarter. 79.41% of the stock is currently owned by institutional investors.

In other news, CFO John P. Sauerland sold 50,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $48.65, for a total transaction of $2,432,500.00. Following the transaction, the chief financial officer now directly owns 370,364 shares of the company’s stock, valued at $18,018,208.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,250 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total transaction of $60,912.50. Following the transaction, the insider now directly owns 12,181 shares in the company, valued at $593,580.13. The disclosure for this sale can be found here. Insiders sold a total of 86,250 shares of company stock valued at $4,196,513 in the last three months. Insiders own 0.56% of the company’s stock.

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Shares of Progressive Corporation (NYSE PGR) traded up 0.87% during trading on Monday, hitting $48.84. The stock had a trading volume of 1,460,074 shares. The stock’s 50-day moving average is $47.13 and its 200-day moving average is $43.28. The stock has a market capitalization of $28.38 billion, a P/E ratio of 20.78 and a beta of 0.87. Progressive Corporation has a 12-month low of $30.63 and a 12-month high of $49.01.

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.01). Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The business had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.78 billion. During the same period in the prior year, the business posted $0.33 earnings per share. Progressive Corporation (The)’s revenue was up 13.7% compared to the same quarter last year. Analysts predict that Progressive Corporation will post $2.30 EPS for the current fiscal year.

PGR has been the subject of several research analyst reports. Citigroup Inc. upped their target price on shares of Progressive Corporation (The) from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 17th. MKM Partners restated a “buy” rating on shares of Progressive Corporation (The) in a research report on Monday, September 25th. Barclays PLC raised their price target on shares of Progressive Corporation (The) from $39.00 to $41.00 and gave the stock an “underweight” rating in a research report on Friday, August 11th. BidaskClub upgraded shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a report on Friday, August 11th. Finally, Credit Suisse Group upgraded shares of Progressive Corporation (The) from an “underperform” rating to a “neutral” rating and boosted their price objective for the stock from $42.00 to $48.00 in a report on Wednesday, September 20th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $46.00.

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.

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

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