Korea Investment CORP cut its stake in Progressive Corporation (The) (NYSE:PGR) by 10.4% during the second quarter, Holdings Channel reports. The institutional investor owned 296,787 shares of the insurance provider’s stock after selling 34,345 shares during the period. Korea Investment CORP’s holdings in Progressive Corporation (The) were worth $13,085,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in Progressive Corporation (The) by 2,817.6% in the first quarter. BlackRock Inc. now owns 35,897,019 shares of the insurance provider’s stock valued at $1,406,446,000 after buying an additional 34,666,678 shares in the last quarter. Bank of Montreal Can raised its stake in Progressive Corporation (The) by 294.3% in the second quarter. Bank of Montreal Can now owns 2,790,503 shares of the insurance provider’s stock valued at $123,034,000 after buying an additional 2,082,834 shares in the last quarter. TimesSquare Capital Management LLC raised its stake in Progressive Corporation (The) by 72.5% in the first quarter. TimesSquare Capital Management LLC now owns 4,605,710 shares of the insurance provider’s stock valued at $180,452,000 after buying an additional 1,935,415 shares in the last quarter. Vanguard Group Inc. raised its stake in Progressive Corporation (The) by 3.8% in the first quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock valued at $1,471,278,000 after buying an additional 1,357,926 shares in the last quarter. Finally, Assenagon Asset Management S.A. purchased a new stake in Progressive Corporation (The) during the first quarter valued at about $51,953,000. 79.54% of the stock is owned by institutional investors.

Progressive Corporation (NYSE:PGR) opened at 47.67 on Tuesday. Progressive Corporation has a 1-year low of $30.54 and a 1-year high of $47.75. The company has a market capitalization of $27.70 billion, a P/E ratio of 20.29 and a beta of 0.86. The firm has a 50-day moving average price of $45.22 and a 200 day moving average price of $41.02.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The firm had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.78 billion. During the same quarter in the previous year, the firm posted $0.33 earnings per share. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. On average, equities analysts predict that Progressive Corporation will post $2.43 EPS for the current year.

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PGR has been the subject of several analyst reports. Wells Fargo & Company reissued a “hold” rating on shares of Progressive Corporation (The) in a report on Tuesday, April 18th. BidaskClub raised shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. Zacks Investment Research lowered shares of Progressive Corporation (The) from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 target price (up from $40.00) on shares of Progressive Corporation (The) in a report on Friday, July 7th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $48.00 target price on shares of Progressive Corporation (The) in a report on Thursday, May 18th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the company’s stock. Progressive Corporation (The) currently has an average rating of “Buy” and a consensus price target of $44.79.

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 completion of the sale, the insider now directly owns 8,955 shares in the company, valued at $372,080.25. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey D. Kelly sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $44.52, for a total value of $890,400.00. Following the sale, the director now owns 59,963 shares of the company’s stock, valued at $2,669,552.76. The disclosure for this sale can be found here. Insiders have sold 71,100 shares of company stock valued at $3,168,605 over the last quarter. 0.56% of the stock is owned by company insiders.

About Progressive Corporation (The)

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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Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

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