Earnest Partners LLC trimmed its holdings in shares of Progressive Corp (NYSE:PGR) by 1.5% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 759,834 shares of the insurance provider’s stock after selling 11,358 shares during the period. Earnest Partners LLC owned about 0.13% of Progressive worth $42,794,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also modified their holdings of the company. Exane Derivatives bought a new stake in shares of Progressive in the 4th quarter valued at about $104,000. Valeo Financial Advisors LLC boosted its holdings in shares of Progressive by 13,675.2% in the 4th quarter. Valeo Financial Advisors LLC now owns 84,029 shares of the insurance provider’s stock valued at $118,000 after buying an additional 83,419 shares in the last quarter. Balentine LLC boosted its holdings in shares of Progressive by 3,273.0% in the 3rd quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after buying an additional 2,422 shares in the last quarter. First Personal Financial Services boosted its holdings in shares of Progressive by 101.8% in the 4th quarter. First Personal Financial Services now owns 2,202 shares of the insurance provider’s stock valued at $124,000 after buying an additional 1,111 shares in the last quarter. Finally, Tiedemann Wealth Management LLC bought a new stake in shares of Progressive in the 3rd quarter valued at about $200,000. Institutional investors own 81.11% of the company’s stock.
In related news, insider William M. Cody sold 25,000 shares of the stock in a transaction that occurred on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the completion of the transaction, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.56% of the company’s stock.
Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 24th. The insurance provider reported $0.79 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.77 by $0.02. The firm had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.62 billion. Progressive had a net margin of 5.93% and a return on equity of 15.96%. Progressive’s revenue was up 21.6% on a year-over-year basis. During the same period last year, the firm posted $0.66 EPS. research analysts anticipate that Progressive Corp will post 3.52 earnings per share for the current fiscal year.
A number of analysts have recently weighed in on the stock. Zacks Investment Research cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Tuesday, March 6th. Wells Fargo & Co set a $57.00 price target on shares of Progressive and gave the company a “hold” rating in a report on Thursday, March 1st. MKM Partners raised their price target on shares of Progressive from $55.00 to $65.00 and gave the company a “buy” rating in a report on Thursday, January 25th. UBS Group raised their price target on shares of Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a report on Thursday, January 25th. Finally, Credit Suisse Group restated a “hold” rating and issued a $48.00 price target on shares of Progressive in a report on Friday, December 15th. Two investment analysts have rated the stock with a sell rating, nine have given a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $50.65.
Progressive 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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