Bank of America Corp DE raised its position in shares of Progressive Corp (NYSE:PGR) by 8.0% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 4,595,539 shares of the insurance provider’s stock after purchasing an additional 338,879 shares during the quarter. Bank of America Corp DE owned 0.79% of Progressive worth $271,827,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA bought a new stake in Progressive during the first quarter worth approximately $359,000. Pendal Group Ltd bought a new stake in Progressive during the first quarter worth approximately $2,080,000. Aperio Group LLC raised its holdings in Progressive by 13.5% during the first quarter. Aperio Group LLC now owns 332,160 shares of the insurance provider’s stock worth $20,239,000 after purchasing an additional 39,392 shares in the last quarter. Thrivent Financial for Lutherans raised its holdings in Progressive by 528.9% during the first quarter. Thrivent Financial for Lutherans now owns 173,223 shares of the insurance provider’s stock worth $10,554,000 after purchasing an additional 145,679 shares in the last quarter. Finally, Stevens Capital Management LP bought a new stake in Progressive during the first quarter worth approximately $4,913,000. Institutional investors and hedge funds own 80.24% of the company’s stock.

Several brokerages recently commented on PGR. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, September 4th. Citigroup boosted their target price on Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a report on Thursday, August 16th. Wells Fargo & Co reissued a “hold” rating and set a $64.00 target price on shares of Progressive in a report on Wednesday, August 15th. B. Riley boosted their target price on Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Tuesday, August 7th. Finally, Credit Suisse Group began coverage on Progressive in a report on Tuesday, August 7th. They set an “outperform” rating and a $73.00 target price on the stock. Two research analysts have rated the stock with a sell rating, six have given a hold rating and seven have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $62.36.

In other Progressive news, insider John Jo Murphy sold 7,503 shares of the company’s stock in a transaction on Wednesday, July 18th. The stock was sold at an average price of $60.28, for a total value of $452,280.84. Following the transaction, the insider now owns 41,722 shares of the company’s stock, valued at $2,515,002.16. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider William M. Cody sold 50,000 shares of the company’s stock in a transaction on Monday, August 20th. The shares were sold at an average price of $66.90, for a total value of $3,345,000.00. Following the completion of the transaction, the insider now directly owns 116,838 shares in the company, valued at approximately $7,816,462.20. The disclosure for this sale can be found here. Insiders sold 94,103 shares of company stock worth $6,088,405 in the last ninety days. 0.70% of the stock is owned by corporate insiders.

NYSE PGR opened at $68.36 on Thursday. The firm has a market capitalization of $40.12 billion, a price-to-earnings ratio of 25.99, a P/E/G ratio of 2.09 and a beta of 0.69. Progressive Corp has a 1 year low of $45.43 and a 1 year high of $69.01. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.11. The company had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $8.01 billion. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The firm’s revenue was up 20.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 earnings per share. analysts anticipate that Progressive Corp will post 4.5 EPS for the current year.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

Further Reading: Exchange-Traded Funds (ETFs)

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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