The Progressive Corporation $PGR Shares Sold by Korea Investment CORP

Korea Investment CORP lowered its position in shares of The Progressive Corporation (NYSE:PGR) by 5.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 529,611 shares of the insurance provider’s stock after selling 30,172 shares during the period. Korea Investment CORP’s holdings in Progressive were worth $141,332,000 at the end of the most recent quarter.

A number of other institutional investors also recently bought and sold shares of PGR. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund lifted its stake in Progressive by 27.9% during the second quarter. United Super Pty Ltd in its capacity as Trustee for the Construction & Building Unions Superannuation Fund now owns 58,734 shares of the insurance provider’s stock worth $15,674,000 after purchasing an additional 12,830 shares during the last quarter. Baltimore Washington Financial Advisors Inc. lifted its position in shares of Progressive by 2,951.5% during the 2nd quarter. Baltimore Washington Financial Advisors Inc. now owns 77,996 shares of the insurance provider’s stock worth $20,814,000 after buying an additional 75,440 shares during the last quarter. Quadrant Capital Group LLC boosted its holdings in shares of Progressive by 13.9% in the 2nd quarter. Quadrant Capital Group LLC now owns 13,730 shares of the insurance provider’s stock valued at $3,664,000 after buying an additional 1,672 shares in the last quarter. Employees Retirement System of Texas grew its position in shares of Progressive by 1.1% in the 2nd quarter. Employees Retirement System of Texas now owns 60,217 shares of the insurance provider’s stock valued at $16,070,000 after buying an additional 673 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its stake in Progressive by 4.1% during the 2nd quarter. Russell Investments Group Ltd. now owns 937,248 shares of the insurance provider’s stock worth $249,961,000 after acquiring an additional 36,540 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

NYSE:PGR opened at $229.54 on Thursday. The firm has a market cap of $134.60 billion, a price-to-earnings ratio of 12.59, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The firm’s fifty day moving average price is $227.83 and its 200 day moving average price is $247.23.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). The firm had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period in the previous year, the firm earned $3.58 EPS. On average, sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Insiders Place Their Bets

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the transaction, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the completion of the sale, the insider directly owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last 90 days, insiders have sold 43,332 shares of company stock worth $10,564,558. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on the stock. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, November 17th. Evercore ISI decreased their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research report on Wednesday, October 1st. Jefferies Financial Group downgraded Progressive from a “buy” rating to a “hold” rating and dropped their price target for the stock from $261.00 to $232.00 in a research note on Friday, November 14th. Barclays cut their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research report on Monday, October 20th. Finally, Raymond James Financial decreased their price objective on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, October 17th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $266.52.

Progressive 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.