Fiduciary Management Inc. WI Sells 301,001 Shares of Progressive Corp (PGR)
Fiduciary Management Inc. WI reduced its position in Progressive Corp (NYSE:PGR) by 2.7% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,804,063 shares of the insurance provider’s stock after selling 301,001 shares during the quarter. Progressive accounts for approximately 3.1% of Fiduciary Management Inc. WI’s investment portfolio, making the stock its 13th largest holding. Fiduciary Management Inc. WI owned approximately 1.86% of Progressive worth $523,133,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in Progressive by 2.9% in the second quarter. Vanguard Group Inc. now owns 38,642,819 shares of the insurance provider’s stock worth $1,703,762,000 after purchasing an additional 1,091,051 shares in the last quarter. BlackRock Inc. raised its holdings in Progressive by 1.8% in the second quarter. BlackRock Inc. now owns 36,533,106 shares of the insurance provider’s stock worth $1,610,745,000 after purchasing an additional 636,087 shares in the last quarter. Artisan Partners Limited Partnership raised its holdings in Progressive by 23.8% in the third quarter. Artisan Partners Limited Partnership now owns 14,349,299 shares of the insurance provider’s stock worth $694,793,000 after purchasing an additional 2,762,934 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in Progressive by 55.9% in the third quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock worth $362,783,000 after purchasing an additional 2,687,224 shares in the last quarter. Finally, TIAA CREF Investment Management LLC raised its holdings in Progressive by 32.7% in the second quarter. TIAA CREF Investment Management LLC now owns 7,118,721 shares of the insurance provider’s stock worth $313,864,000 after purchasing an additional 1,752,867 shares in the last quarter. Hedge funds and other institutional investors own 79.55% of the company’s stock.
PGR has been the subject of a number of recent research reports. ValuEngine upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Friday, September 1st. Wells Fargo & Company set a $50.00 target price on shares of Progressive and gave the stock a “hold” rating in a report on Wednesday, November 15th. Credit Suisse Group upgraded shares of Progressive from an “underperform” rating to a “neutral” rating and boosted their target price for the stock from $42.00 to $48.00 in a report on Wednesday, September 20th. MKM Partners boosted their target price on shares of Progressive to $60.00 and gave the stock a “buy” rating in a report on Thursday, November 16th. Finally, Buckingham Research initiated coverage on shares of Progressive in a report on Monday, September 11th. They issued an “underperform” rating and a $40.00 target price for the company. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average target price of $49.71.
Shares of Progressive Corp (PGR) traded up $0.76 during mid-day trading on Tuesday, hitting $54.36. The stock had a trading volume of 3,373,500 shares, compared to its average volume of 3,090,536. Progressive Corp has a 1-year low of $33.28 and a 1-year high of $54.54. The stock has a market capitalization of $31,173.76, a price-to-earnings ratio of 23.41, a price-to-earnings-growth ratio of 3.06 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.07. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The business had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.04 billion. During the same quarter in the previous year, the firm earned $0.34 earnings per share. The company’s revenue was up 18.1% on a year-over-year basis. equities analysts expect that Progressive Corp will post 2.39 earnings per share for the current year.
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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