PNC Financial Services Group Inc. raised its stake in shares of Progressive Corp. (NYSE:PGR) by 12.3% during the third quarter, Holdings Channel reports. The fund owned 653,572 shares of the company’s stock after buying an additional 71,580 shares during the period. PNC Financial Services Group Inc.’s holdings in Progressive Corp. were worth $20,586,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Advisor Partners LLC raised its position in Progressive Corp. by 0.5% in the third quarter. Advisor Partners LLC now owns 8,251 shares of the company’s stock valued at $260,000 after buying an additional 42 shares in the last quarter. Wetherby Asset Management Inc. raised its position in Progressive Corp. by 0.9% in the second quarter. Wetherby Asset Management Inc. now owns 11,254 shares of the company’s stock valued at $377,000 after buying an additional 101 shares in the last quarter. Buckingham Asset Management LLC raised its position in Progressive Corp. by 1.4% in the third quarter. Buckingham Asset Management LLC now owns 8,912 shares of the company’s stock valued at $281,000 after buying an additional 121 shares in the last quarter. Conning Inc. raised its position in Progressive Corp. by 1.5% in the second quarter. Conning Inc. now owns 13,607 shares of the company’s stock valued at $456,000 after buying an additional 200 shares in the last quarter. Finally, Mn Services Vermogensbeheer B.V. raised its position in Progressive Corp. by 1.6% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 14,762 shares of the company’s stock valued at $445,000 after buying an additional 228 shares in the last quarter. Institutional investors and hedge funds own 76.56% of the company’s stock.

Institutional Ownership by Quarter for Progressive Corp. (NYSE:PGR)

Progressive Corp. (NYSE:PGR) traded down 0.39% during mid-day trading on Wednesday, reaching $33.45. 379,943 shares of the company’s stock were exchanged. The stock has a market cap of $19.43 billion, a P/E ratio of 20.02 and a beta of 0.75. Progressive Corp. has a 52 week low of $29.32 and a 52 week high of $35.54. The stock has a 50-day moving average price of $32.25 and a 200-day moving average price of $32.44.

Progressive Corp. (NYSE:PGR) last issued its quarterly earnings data on Thursday, October 13th. The company reported $0.34 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.36 by $0.02. The company had revenue of $6.05 billion for the quarter. Progressive Corp. had a net margin of 4.31% and a return on equity of 12.30%. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. During the same period in the previous year, the firm posted $0.47 earnings per share. On average, analysts forecast that Progressive Corp. will post $1.52 earnings per share for the current year.

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Several research firms have recently commented on PGR. Credit Suisse Group AG set a $28.00 price target on shares of Progressive Corp. and gave the stock a “sell” rating in a research report on Saturday, September 17th. Citigroup Inc. upgraded shares of Progressive Corp. from a “sell” rating to a “neutral” rating and increased their target price for the company from $30.00 to $34.00 in a research report on Friday, October 14th. Zacks Investment Research lowered shares of Progressive Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. Keefe, Bruyette & Woods upgraded shares of Progressive Corp. from an “underperform” rating to a “market perform” rating and increased their target price for the company from $29.00 to $31.00 in a research report on Thursday, September 15th. Finally, William Blair reiterated an “outperform” rating on shares of Progressive Corp. in a research report on Saturday, September 10th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Progressive Corp. has a consensus rating of “Hold” and an average price target of $32.41.

In other news, insider M Jeffrey Charney sold 7,000 shares of the firm’s stock in a transaction on Friday, September 2nd. The stock was 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 filing with the SEC, which is accessible through this link. 0.60% of the stock is owned by insiders.

Progressive Corp. Company 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 Personal Lines, Commercial Lines and Property segments.

5 Day Chart for NYSE:PGR

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