Progressive Corp (PGR) Stake Increased by Commerzbank Aktiengesellschaft FI

Commerzbank Aktiengesellschaft FI lifted its stake in shares of Progressive Corp (NYSE:PGR) by 36.0% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 25,101 shares of the insurance provider’s stock after buying an additional 6,643 shares during the quarter. Commerzbank Aktiengesellschaft FI’s holdings in Progressive were worth $1,215,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $101,000. IFP Advisors Inc grew its position in shares of Progressive 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 buying an additional 341 shares during the period. Fiduciary Trust Co. acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $143,000. YorkBridge Wealth Partners LLC grew its position in shares of Progressive by 12.9% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 3,727 shares of the insurance provider’s stock worth $165,000 after buying an additional 427 shares during the period. Finally, Dupont Capital Management Corp acquired a new stake in shares of Progressive during the 2nd quarter worth approximately $186,000. 79.55% of the stock is owned by institutional investors.

Progressive Corp (PGR) traded up $0.34 during midday trading on Thursday, reaching $54.59. 1,935,000 shares of the company traded hands, compared to its average volume of 3,088,981. Progressive Corp has a twelve month low of $33.42 and a twelve month high of $54.75. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. The firm has a market cap of $31,551.80, a P/E ratio of 23.69, a P/E/G ratio of 3.09 and a beta of 0.94.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share for the quarter, beating the 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 analysts’ expectations of $7.04 billion. During the same period last year, the business earned $0.34 EPS. The business’s revenue was up 18.1% on a year-over-year basis. sell-side analysts anticipate that Progressive Corp will post 2.4 EPS for the current fiscal year.

In other Progressive news, insider Jeffrey W. Basch sold 9,000 shares of the firm’s stock in a transaction on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the transaction, the insider now directly owns 70,965 shares in the company, valued at approximately $3,422,641.95. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CMO M Jeffrey Charney sold 6,000 shares of the firm’s stock in a transaction on Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total value of $297,000.00. Following the transaction, the chief marketing officer now owns 102,038 shares in the company, valued at $5,050,881. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 21,000 shares of company stock worth $1,024,470. Company insiders own 0.56% of the company’s stock.

Several analysts have recently commented on the stock. Barclays raised their price objective on shares of Progressive from $39.00 to $41.00 and gave the stock an “underweight” rating in a research report on Friday, August 11th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $60.00 price objective on shares of Progressive in a research report on Wednesday. BidaskClub raised shares of Progressive from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 11th. FBR & Co reissued a “hold” rating on shares of Progressive in a research report on Tuesday, October 17th. Finally, Wells Fargo & Company reissued a “hold” rating on shares of Progressive in a research report on Wednesday, August 16th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $49.82.

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About Progressive

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 (NYSE:PGR)

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