Conning Inc. Has $456,000 Position in Progressive Corp. (PGR)
Conning Inc. raised its position in shares of Progressive Corp. (NYSE:PGR) by 1.5% during the second quarter, Holdings Channel reports. The institutional investor owned 13,607 shares of the company’s stock after buying an additional 200 shares during the period. Conning Inc.’s holdings in Progressive Corp. were worth $456,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Advisor Partners LLC increased its position in Progressive Corp. by 2.7% in the first quarter. Advisor Partners LLC now owns 7,968 shares of the company’s stock worth $280,000 after buying an additional 206 shares during the period. IBM Retirement Fund increased its position in Progressive Corp. by 0.3% in the second quarter. IBM Retirement Fund now owns 76,282 shares of the company’s stock worth $2,633,000 after buying an additional 252 shares during the period. Private Bank & Trust Co. increased its position in Progressive Corp. by 1.4% in the second quarter. Private Bank & Trust Co. now owns 25,525 shares of the company’s stock worth $855,000 after buying an additional 355 shares during the period. DNB Asset Management AS increased its position in Progressive Corp. by 2.1% in the second quarter. DNB Asset Management AS now owns 49,625 shares of the company’s stock worth $1,662,000 after buying an additional 1,000 shares during the period. Finally, 1st Global Advisors Inc. increased its position in Progressive Corp. by 4.2% in the second quarter. 1st Global Advisors Inc. now owns 25,752 shares of the company’s stock worth $863,000 after buying an additional 1,042 shares during the period. 76.53% of the stock is currently owned by institutional investors.
Progressive Corp. (NYSE:PGR) traded up 0.80% during trading on Friday, hitting $31.50. The stock had a trading volume of 2,790,620 shares. The company has a market capitalization of $18.33 billion, a P/E ratio of 17.50 and a beta of 0.75. Progressive Corp. has a 1-year low of $29.32 and a 1-year high of $35.54. The stock’s 50-day moving average price is $32.04 and its 200-day moving average price is $32.98.
Progressive Corp. (NYSE:PGR) last posted its earnings results on Thursday, July 14th. The company reported $0.33 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.34 by $0.01. The business earned $5.93 billion during the quarter. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. Progressive Corp.’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.62 earnings per share. Analysts expect that Progressive Corp. will post $1.60 earnings per share for the current year.
A number of research firms recently weighed in on PGR. Deutsche Bank AG dropped their price target on Progressive Corp. from $30.00 to $28.00 and set a “sell” rating on the stock in a research note on Monday, September 19th. Zacks Investment Research downgraded Progressive Corp. from a “hold” rating to a “sell” rating in a research note on Monday, September 19th. Credit Suisse Group AG set a $28.00 price target on Progressive Corp. and gave the stock a “sell” rating in a research note on Saturday, September 17th. Keefe, Bruyette & Woods raised Progressive Corp. from an “underperform” rating to a “market perform” rating and upped their price target for the stock from $29.00 to $31.00 in a research note on Thursday, September 15th. Finally, William Blair reaffirmed an “outperform” rating on shares of Progressive Corp. in a research note on Saturday, September 10th. Five equities research analysts have rated the stock with a sell rating, five have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $32.16.
In other Progressive Corp. news, insider M Jeffrey Charney sold 7,000 shares of the firm’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the sale, the insider now directly owns 71,961 shares in the company, valued at $2,338,732.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider John A. Barbagallo sold 24,000 shares of the firm’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $33.01, for a total transaction of $792,240.00. Following the completion of the sale, the insider now owns 148,139 shares of the company’s stock, valued at $4,890,068.39. The disclosure for this sale can be found here. 0.60% of the stock is owned by corporate insiders.
About Progressive Corp.
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 Personal Lines, Commercial Lines and Property segments.
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