Primecap Management Co. CA Sells 138,000 Shares of Progressive Corp (PGR)

Primecap Management Co. CA reduced its stake in Progressive Corp (NYSE:PGR) by 3.2% during the third quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,153,379 shares of the insurance provider’s stock after selling 138,000 shares during the quarter. Primecap Management Co. CA owned approximately 0.71% of Progressive worth $295,056,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Raymond James Trust N.A. raised its holdings in Progressive by 4.0% during the third quarter. Raymond James Trust N.A. now owns 39,766 shares of the insurance provider’s stock valued at $2,825,000 after acquiring an additional 1,536 shares during the period. Mirae Asset Global Investments Co. Ltd. raised its holdings in Progressive by 25.2% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 70,555 shares of the insurance provider’s stock valued at $5,012,000 after acquiring an additional 14,191 shares during the period. Standard Life Aberdeen plc raised its holdings in Progressive by 31.9% during the third quarter. Standard Life Aberdeen plc now owns 457,670 shares of the insurance provider’s stock valued at $32,513,000 after acquiring an additional 110,697 shares during the period. AMP Capital Investors Ltd raised its holdings in Progressive by 10.7% during the third quarter. AMP Capital Investors Ltd now owns 525,205 shares of the insurance provider’s stock valued at $36,931,000 after acquiring an additional 50,769 shares during the period. Finally, Blair William & Co. IL raised its holdings in Progressive by 31.7% during the third quarter. Blair William & Co. IL now owns 1,264,765 shares of the insurance provider’s stock valued at $89,849,000 after acquiring an additional 304,189 shares during the period. 80.49% of the stock is currently owned by institutional investors.

In other news, insider John A. Barbagallo sold 50,000 shares of Progressive stock in a transaction dated Friday, October 26th. The stock was sold at an average price of $68.02, for a total value of $3,401,000.00. Following the sale, the insider now directly owns 177,368 shares of the company’s stock, valued at $12,064,571.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Susan Patricia Griffith sold 12,600 shares of Progressive stock in a transaction dated Thursday, November 15th. The stock was sold at an average price of $64.87, for a total value of $817,362.00. Following the completion of the sale, the insider now directly owns 253,256 shares in the company, valued at $16,428,716.72. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.

Shares of PGR stock opened at $66.29 on Friday. Progressive Corp has a 12-month low of $50.79 and a 12-month high of $73.69. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $38.61 billion, a PE ratio of 25.21, a PEG ratio of 1.91 and a beta of 0.71.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.43. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The firm had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.43 billion. During the same period in the previous year, the firm posted $0.38 earnings per share. The business’s revenue was up 20.5% compared to the same quarter last year. As a group, analysts predict that Progressive Corp will post 4.75 EPS for the current year.

A number of research firms have commented on PGR. UBS Group raised their price target on Progressive from $70.00 to $78.00 and gave the company a “buy” rating in a report on Wednesday, September 19th. B. Riley raised their price target on Progressive from $60.00 to $68.00 and gave the company a “neutral” rating in a report on Tuesday, August 7th. Zacks Investment Research cut Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, September 19th. Credit Suisse Group began coverage on Progressive in a report on Tuesday, August 7th. They set an “outperform” rating and a $73.00 price target on the stock. Finally, Wells Fargo & Co set a $69.00 price target on Progressive and gave the company a “hold” rating in a report on Tuesday, October 16th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $70.00.

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Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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