Massachusetts Financial Services Co. MA Has $3.44 Billion Stock Position in The Progressive Corporation $PGR

Massachusetts Financial Services Co. MA decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 4.3% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 12,905,421 shares of the insurance provider’s stock after selling 577,071 shares during the quarter. Progressive comprises approximately 1.1% of Massachusetts Financial Services Co. MA’s investment portfolio, making the stock its 11th largest position. Massachusetts Financial Services Co. MA owned approximately 2.20% of Progressive worth $3,443,941,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. New York Life Investment Management LLC raised its stake in Progressive by 1.4% in the 2nd quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock valued at $23,420,000 after acquiring an additional 1,192 shares during the period. Baron Silver Stevens Financial Advisors LLC bought a new stake in shares of Progressive in the second quarter valued at approximately $306,000. Wakefield Asset Management LLLP lifted its stake in shares of Progressive by 199.0% during the 2nd quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock valued at $2,511,000 after buying an additional 6,263 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Progressive in the 2nd quarter worth approximately $13,583,000. Finally, Whalen Wealth Management Inc. purchased a new position in Progressive in the 2nd quarter valued at approximately $647,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

PGR has been the subject of a number of analyst reports. The Goldman Sachs Group cut their price target on Progressive from $276.00 to $245.00 and set a “buy” rating for the company in a report on Monday, October 27th. Morgan Stanley set a $214.00 price target on Progressive and gave the company an “underweight” rating in a research report on Monday, October 20th. Barclays cut their price objective on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research report on Monday, October 20th. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Finally, BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a report on Monday, November 3rd. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Progressive currently has an average rating of “Hold” and a consensus price target of $266.46.

Insider Buying and Selling at Progressive

In related news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. The trade was a 6.05% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 51,782 shares of company stock valued at $12,708,788 over the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $225.23 on Friday. The Progressive Corporation has a 52-week low of $199.90 and a 52-week high of $292.99. The company has a fifty day moving average of $231.02 and a 200-day moving average of $250.59. The company has a market capitalization of $132.08 billion, a P/E ratio of 12.36, a P/E/G ratio of 1.19 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter in the previous year, the business earned $3.58 EPS. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.