Progressive Corp (PGR) Shares Sold by C M Bidwell & Associates Ltd.

C M Bidwell & Associates Ltd. cut its holdings in Progressive Corp (NYSE:PGR) by 10.7% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 15,895 shares of the insurance provider’s stock after selling 1,910 shares during the quarter. Progressive makes up 1.1% of C M Bidwell & Associates Ltd.’s holdings, making the stock its 15th biggest holding. C M Bidwell & Associates Ltd.’s holdings in Progressive were worth $1,129,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in the stock. BlackRock Inc. boosted its stake in Progressive by 5.2% in the third quarter. BlackRock Inc. now owns 41,533,608 shares of the insurance provider’s stock valued at $2,950,547,000 after buying an additional 2,048,705 shares in the last quarter. Artisan Partners Limited Partnership boosted its stake in Progressive by 5.1% in the second quarter. Artisan Partners Limited Partnership now owns 17,946,090 shares of the insurance provider’s stock valued at $1,061,511,000 after buying an additional 864,700 shares in the last quarter. Janus Henderson Group PLC boosted its stake in Progressive by 3.0% in the third quarter. Janus Henderson Group PLC now owns 12,457,383 shares of the insurance provider’s stock valued at $884,970,000 after buying an additional 361,810 shares in the last quarter. JPMorgan Chase & Co. boosted its stake in Progressive by 4.5% in the third quarter. JPMorgan Chase & Co. now owns 10,976,715 shares of the insurance provider’s stock valued at $779,788,000 after buying an additional 476,696 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its stake in Progressive by 19.6% in the second quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock valued at $419,663,000 after buying an additional 1,163,500 shares in the last quarter. 80.24% of the stock is currently owned by institutional investors and hedge funds.

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 transaction 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 accessible through the SEC website. Also, insider Susan Patricia Griffith sold 12,600 shares of Progressive stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $64.87, for a total value of $817,362.00. Following 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. Company insiders own 0.70% of the company’s stock.

Shares of PGR stock opened at $66.81 on Tuesday. Progressive Corp has a 12 month low of $50.79 and a 12 month high of $73.69. The stock has a market cap of $38.61 billion, a PE ratio of 25.40, a PEG ratio of 1.91 and a beta of 0.68. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.34.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, beating the Zacks’ 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 analyst estimates of $8.43 billion. During the same period last year, the firm posted $0.38 earnings per share. The business’s revenue for the quarter was up 20.5% on a year-over-year basis. Equities analysts predict that Progressive Corp will post 4.75 EPS for the current year.

Several research firms recently weighed in on PGR. Buckingham Research raised Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 price objective on the stock in a research note on Monday, November 19th. Credit Suisse Group set a $79.00 price objective on Progressive and gave the company a “buy” rating in a research note on Wednesday, November 14th. Wells Fargo & Co set a $69.00 price objective on Progressive and gave the company a “hold” rating in a research note on Wednesday, November 14th. Barclays raised their price objective on Progressive from $59.00 to $67.00 and gave the company an “underweight” rating in a research note on Monday, November 12th. Finally, Morgan Stanley raised Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price target on the stock in a research note on Wednesday, November 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company. Progressive has a consensus rating of “Hold” and an average price target of $70.00.

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Progressive Company 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.

Further Reading: Retained Earnings

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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