Employees Retirement System of Texas lifted its position in Progressive Corporation (The) (NYSE:PGR) by 42.9% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 40,000 shares of the insurance provider’s stock after acquiring an additional 12,000 shares during the period. Employees Retirement System of Texas’ holdings in Progressive Corporation (The) were worth $1,764,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Mckinley Capital Management LLC Delaware acquired a new position in shares of Progressive Corporation (The) in the 2nd quarter valued at $101,000. Cypress Capital Management LLC WY acquired a new stake in Progressive Corporation (The) during the 2nd quarter worth about $106,000. IFP Advisors Inc grew its position in Progressive Corporation (The) by 12.9% during the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after purchasing an additional 341 shares during the period. Fiduciary Trust Co. acquired a new stake in Progressive Corporation (The) during the 2nd quarter worth about $143,000. Finally, Cornerstone Advisors Inc. grew its position in Progressive Corporation (The) by 4.1% during the 2nd quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 133 shares during the period. 79.41% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Progressive Corporation (NYSE:PGR) opened at 48.75 on Friday. Progressive Corporation has a 1-year low of $30.99 and a 1-year high of $49.75. The stock’s 50 day moving average is $47.41 and its 200 day moving average is $44.31. The stock has a market capitalization of $28.33 billion, a price-to-earnings ratio of 20.74 and a beta of 0.87.

Progressive Corporation (The) (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the Zacks’ consensus estimate 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 firm had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. During the same period in the previous year, the business posted $0.33 earnings per share. The business’s revenue for the quarter was up 13.7% compared to the same quarter last year. On average, equities analysts forecast that Progressive Corporation will post $2.30 EPS for the current year.

In related news, CFO John P. Sauerland sold 50,000 shares of Progressive Corporation (The) stock in a transaction that occurred on 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 transaction, the chief financial officer now directly owns 370,364 shares of the company’s stock, valued at $18,018,208.60. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 1,250 shares of Progressive Corporation (The) stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total value of $60,912.50. Following the completion of 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 have sold 86,250 shares of company stock worth $4,196,513 over the last three months. Insiders own 0.56% of the company’s stock.

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Several equities research analysts have weighed in on PGR shares. Bank of America Corporation increased their price target on Progressive Corporation (The) from $48.00 to $49.00 and gave the stock a “buy” rating in a research report on Friday, June 16th. BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Barclays PLC increased their price target on Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a research report on Monday, July 3rd. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price target (up from $40.00) on shares of Progressive Corporation (The) in a research report on Friday, July 7th. Finally, FBR & Co increased their price target on Progressive Corporation (The) from $36.00 to $40.00 and gave the stock a “mkt perform” rating in a research report on Tuesday, July 11th. 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 assigned a strong buy rating to the company’s stock. Progressive Corporation (The) currently has an average rating of “Hold” and a consensus price target of $46.00.

Progressive Corporation (The) Profile

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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