The Progressive Corporation $PGR Stake Lifted by Geode Capital Management LLC

Geode Capital Management LLC increased its position in shares of The Progressive Corporation (NYSE:PGR) by 2.0% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 15,513,188 shares of the insurance provider’s stock after purchasing an additional 301,371 shares during the period. Geode Capital Management LLC owned 2.65% of Progressive worth $4,128,055,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. PNC Financial Services Group Inc. grew its holdings in Progressive by 1.2% during the second quarter. PNC Financial Services Group Inc. now owns 322,933 shares of the insurance provider’s stock worth $86,178,000 after acquiring an additional 3,871 shares during the period. Forsta AP Fonden lifted its holdings in Progressive by 14.0% in the 2nd quarter. Forsta AP Fonden now owns 192,600 shares of the insurance provider’s stock valued at $51,397,000 after acquiring an additional 23,600 shares during the last quarter. KBC Group NV boosted its position in shares of Progressive by 39.2% during the 2nd quarter. KBC Group NV now owns 674,096 shares of the insurance provider’s stock valued at $179,889,000 after purchasing an additional 189,865 shares in the last quarter. National Pension Service grew its stake in shares of Progressive by 4.0% in the 2nd quarter. National Pension Service now owns 1,408,771 shares of the insurance provider’s stock worth $375,945,000 after purchasing an additional 54,701 shares during the last quarter. Finally, VeraBank N.A. acquired a new position in shares of Progressive in the 2nd quarter worth approximately $222,000. 85.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Raymond James Financial decreased their price target on shares of Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research report on Friday, October 17th. UBS Group cut their price objective on Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a research report on Wednesday, October 8th. Wall Street Zen cut Progressive from a “buy” rating to a “hold” rating in a report on Sunday, September 21st. Cantor Fitzgerald raised Progressive to a “hold” rating in a research report on Wednesday, August 13th. Finally, Barclays reduced their target price on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Eight research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Hold” and an average price target of $269.90.

Progressive Price Performance

Shares of PGR opened at $219.73 on Wednesday. The business’s 50-day moving average is $232.41 and its 200-day moving average is $251.30. 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 company has a market capitalization of $128.85 billion, a price-to-earnings ratio of 12.05, a P/E/G ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a fifty-two week low of $199.90 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The company had revenue of $21.38 billion for 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 posted $3.58 earnings per share. Equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the transaction, the insider directly owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 58,500 shares of company stock worth $14,430,089 over the last 90 days. 0.33% of the stock is currently owned by insiders.

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.