Progressive Corp (NYSE:PGR) Position Boosted by Zurcher Kantonalbank Zurich Cantonalbank

Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in Progressive Corp (NYSE:PGR) by 8.3% in the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 338,016 shares of the insurance provider’s stock after acquiring an additional 25,791 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.06% of Progressive worth $16,367,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Janus Henderson Group PLC boosted its stake in shares of Progressive by 8,999.0% during the 2nd quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock valued at $285,384,000 after buying an additional 6,401,640 shares during the last quarter. William Blair Investment Management LLC boosted its stake in shares of Progressive by 24,360.1% during the 2nd quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock valued at $211,591,000 after buying an additional 4,779,442 shares during the last quarter. Artisan Partners Limited Partnership boosted its stake in shares of Progressive by 40.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock valued at $510,843,000 after buying an additional 3,332,180 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in shares of Progressive by 55.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 7,492,446 shares of the insurance provider’s stock valued at $362,783,000 after buying an additional 2,687,224 shares during the last quarter. Finally, Voya Investment Management LLC boosted its stake in shares of Progressive by 515.0% during the 2nd quarter. Voya Investment Management LLC now owns 2,665,312 shares of the insurance provider’s stock valued at $117,514,000 after buying an additional 2,231,956 shares during the last quarter. Hedge funds and other institutional investors own 79.55% of the company’s stock.

Progressive Corp (NYSE PGR) opened at $54.52 on Friday. The company has a market capitalization of $31,551.80, a price-to-earnings ratio of 23.69, a PEG ratio of 3.09 and a beta of 0.94. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. Progressive Corp has a fifty-two week low of $33.75 and a fifty-two week high of $54.83.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.07. The company had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.04 billion. Progressive had a return on equity of 15.40% and a net margin of 5.41%. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. During the same period last year, the company earned $0.34 earnings per share. sell-side analysts predict that Progressive Corp will post 2.4 EPS for the current fiscal year.

In related news, insider Jeffrey W. Basch sold 9,000 shares of Progressive stock in a transaction dated 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 of the company’s stock, valued at $3,422,641.95. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CMO M Jeffrey Charney sold 6,000 shares of Progressive stock in a transaction dated Thursday, November 2nd. The stock was sold at an average price of $49.50, for a total value of $297,000.00. Following the transaction, the chief marketing officer now directly owns 102,038 shares in the company, valued at $5,050,881. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,000 shares of company stock worth $1,024,470. 0.56% of the stock is owned by corporate insiders.

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

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Progressive Profile

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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