Zurich Insurance Group Ltd FI lifted its stake in shares of Progressive Corporation (The) (NYSE:PGR) by 35.1% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 79,608 shares of the insurance provider’s stock after purchasing an additional 20,669 shares during the quarter. Zurich Insurance Group Ltd FI’s holdings in Progressive Corporation (The) were worth $3,510,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Progressive Corporation (The) by 2.9% in the 2nd quarter. Vanguard Group Inc. now owns 38,642,819 shares of the insurance provider’s stock valued at $1,703,762,000 after buying an additional 1,091,051 shares in the last quarter. BlackRock Inc. increased its stake in Progressive Corporation (The) by 1.8% during the 2nd quarter. BlackRock Inc. now owns 36,533,106 shares of the insurance provider’s stock valued at $1,610,745,000 after buying an additional 636,087 shares during the period. State Street Corp increased its stake in Progressive Corporation (The) by 1.4% during the 1st quarter. State Street Corp now owns 26,996,546 shares of the insurance provider’s stock valued at $1,057,724,000 after buying an additional 372,478 shares during the period. Longview Partners Guernsey LTD increased its stake in Progressive Corporation (The) by 5.6% during the 2nd quarter. Longview Partners Guernsey LTD now owns 19,547,018 shares of the insurance provider’s stock valued at $861,828,000 after buying an additional 1,035,246 shares during the period. Finally, Artisan Partners Limited Partnership increased its stake in Progressive Corporation (The) by 40.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock valued at $510,843,000 after buying an additional 3,332,180 shares during the period. 79.41% of the stock is owned by institutional investors and hedge funds.

Shares of Progressive Corporation (NYSE:PGR) traded down 0.18% during trading on Wednesday, reaching $48.98. The company had a trading volume of 1,369,303 shares. The company has a 50 day moving average of $47.29 and a 200-day moving average of $43.90. The firm has a market capitalization of $28.46 billion, a P/E ratio of 20.84 and a beta of 0.87. Progressive Corporation has a 52-week low of $30.63 and a 52-week high of $49.20.

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings data 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 net margin of 5.50% and a return on equity of 15.62%. The company had revenue of $6.75 billion during the quarter, compared to the consensus estimate of $6.78 billion. During the same quarter in the prior year, the company posted $0.33 EPS. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. Equities analysts expect that Progressive Corporation will post $2.30 earnings per share for the current year.

PGR has been the subject of several recent analyst reports. ValuEngine upgraded shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Wells Fargo & Company reissued a “hold” rating and set a $45.00 target price on shares of Progressive Corporation (The) in a report on Tuesday, July 18th. Morgan Stanley reissued an “equal weight” rating and set a $43.00 target price (up previously from $40.00) on shares of Progressive Corporation (The) in a report on Friday, July 7th. BidaskClub upgraded Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Finally, Credit Suisse Group upgraded Progressive Corporation (The) from an “underperform” rating to a “neutral” rating and upped their target price for the stock from $42.00 to $48.00 in a research report on Wednesday, September 20th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, six have given a buy rating and two have given a strong buy rating to the company. Progressive Corporation (The) presently has an average rating of “Hold” and a consensus target price of $46.00.

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In other news, CFO John P. Sauerland sold 50,000 shares of the company’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $48.65, for a total value of $2,432,500.00. Following the completion of the sale, the chief financial officer now directly owns 370,364 shares of the company’s stock, valued at approximately $18,018,208.60. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,250 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $48.73, for a total value of $60,912.50. Following the completion of the sale, the insider now directly owns 12,181 shares of the company’s stock, valued at $593,580.13. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,250 shares of company stock worth $4,196,513. Company 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.

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

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