Tredje AP fonden boosted its position in shares of Progressive Corp (NYSE:PGR) by 2.2% during the first quarter, Holdings Channel reports. The firm owned 92,091 shares of the insurance provider’s stock after buying an additional 2,021 shares during the period. Tredje AP fonden’s holdings in Progressive Corp were worth $3,608,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Buckingham Asset Management LLC increased its stake in Progressive Corp by 0.3% in the first quarter. Buckingham Asset Management LLC now owns 8,937 shares of the insurance provider’s stock valued at $350,000 after buying an additional 25 shares in the last quarter. Private Advisor Group LLC increased its stake in Progressive Corp by 0.5% in the fourth quarter. Private Advisor Group LLC now owns 6,714 shares of the insurance provider’s stock valued at $245,000 after buying an additional 34 shares in the last quarter. GHP Investment Advisors Inc. increased its stake in Progressive Corp by 0.4% in the first quarter. GHP Investment Advisors Inc. now owns 31,052 shares of the insurance provider’s stock valued at $1,217,000 after buying an additional 123 shares in the last quarter. Ancora Advisors LLC increased its stake in Progressive Corp by 0.5% in the fourth quarter. Ancora Advisors LLC now owns 23,508 shares of the insurance provider’s stock valued at $834,000 after buying an additional 125 shares in the last quarter. Finally, Parsons Capital Management Inc. RI increased its stake in Progressive Corp by 0.3% in the first quarter. Parsons Capital Management Inc. RI now owns 62,196 shares of the insurance provider’s stock valued at $2,437,000 after buying an additional 160 shares in the last quarter. 76.70% of the stock is owned by hedge funds and other institutional investors.

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

Progressive Corp (PGR) traded down 0.02% during trading on Wednesday, reaching $42.95. The company had a trading volume of 2,042,219 shares. The company has a 50-day moving average of $40.81 and a 200-day moving average of $38.17. The firm has a market capitalization of $24.95 billion, a P/E ratio of 20.96 and a beta of 0.75. Progressive Corp has a 52-week low of $30.54 and a 52-week high of $43.26.

Progressive Corp (NYSE:PGR) last announced its earnings results on Tuesday, April 18th. The insurance provider reported $0.67 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by $0.01. Progressive Corp had a return on equity of 12.59% and a net margin of 4.40%. The firm had revenue of $6.49 billion for the quarter, compared to the consensus estimate of $6.49 billion. During the same period in the previous year, the firm earned $0.44 EPS. Progressive Corp’s revenue for the quarter was up 11.6% on a year-over-year basis. Analysts expect that Progressive Corp will post $2.36 EPS for the current fiscal year.

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Several analysts have commented on PGR shares. Wells Fargo & Co reaffirmed a “hold” rating on shares of Progressive Corp in a research note on Tuesday, April 18th. Sandler O’Neill raised Progressive Corp from a “hold” rating to a “buy” rating and set a $45.00 price objective for the company in a research note on Tuesday, March 21st. Bank of America Corp raised Progressive Corp from a “neutral” rating to a “buy” rating and upped their price objective for the company from $40.00 to $46.00 in a research note on Monday, March 20th. Zacks Investment Research downgraded Progressive Corp from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Finally, Keefe, Bruyette & Woods raised Progressive Corp from a “market perform” rating to an “outperform” rating and upped their price objective for the company from $39.00 to $45.00 in a research note on Monday, April 10th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus target price of $38.85.

In related news, insider Steven Broz sold 1,100 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $41.55, for a total transaction of $45,705.00. Following the sale, the insider now owns 8,955 shares of the company’s stock, valued at $372,080.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 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 the Personal Lines, Commercial Lines and Property segments.

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