Profund Advisors LLC Sells 2,636 Shares of Progressive Corp (PGR)

Profund Advisors LLC lowered its position in Progressive Corp (NYSE:PGR) by 13.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 16,644 shares of the insurance provider’s stock after selling 2,636 shares during the period. Profund Advisors LLC’s holdings in Progressive were worth $1,014,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. OLD National Bancorp IN acquired a new position in Progressive in the fourth quarter valued at approximately $1,342,000. New Mexico Educational Retirement Board lifted its holdings in Progressive by 3.7% in the fourth quarter. New Mexico Educational Retirement Board now owns 55,975 shares of the insurance provider’s stock valued at $3,153,000 after acquiring an additional 2,000 shares during the period. Sei Investments Co. lifted its holdings in Progressive by 37.8% in the fourth quarter. Sei Investments Co. now owns 424,866 shares of the insurance provider’s stock valued at $23,928,000 after acquiring an additional 116,537 shares during the period. Public Employees Retirement System of Ohio lifted its holdings in Progressive by 15.7% in the fourth quarter. Public Employees Retirement System of Ohio now owns 1,039,502 shares of the insurance provider’s stock valued at $58,545,000 after acquiring an additional 141,195 shares during the period. Finally, First Trust Advisors LP lifted its holdings in Progressive by 84.4% in the fourth quarter. First Trust Advisors LP now owns 536,985 shares of the insurance provider’s stock valued at $30,243,000 after acquiring an additional 245,708 shares during the period. Hedge funds and other institutional investors own 79.81% of the company’s stock.

NYSE PGR opened at $61.92 on Wednesday. Progressive Corp has a one year low of $43.47 and a one year high of $63.55. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.44 and a quick ratio of 0.44. The firm has a market capitalization of $36.54 billion, a P/E ratio of 23.54, a PEG ratio of 2.10 and a beta of 0.67.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, May 2nd. The insurance provider reported $1.29 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.10. Progressive had a return on equity of 18.90% and a net margin of 6.75%. sell-side analysts forecast that Progressive Corp will post 4.07 earnings per share for the current year.

A number of research analysts have issued reports on the company. Keefe, Bruyette & Woods reissued a “market perform” rating on shares of Progressive in a report on Thursday, May 31st. MKM Partners boosted their price target on Progressive to $75.00 and gave the company a “buy” rating in a report on Tuesday, May 22nd. Deutsche Bank boosted their price target on Progressive from $60.00 to $62.00 and gave the company a “hold” rating in a report on Monday, May 21st. ValuEngine downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Thursday, May 17th. Finally, Buckingham Research upped their target price on Progressive from $48.00 to $52.00 and gave the stock an “underperform” rating in a research note on Thursday, May 17th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, five have given a buy rating and two have given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $55.06.

In related news, insider Jeffrey W. Basch sold 11,000 shares of the stock in a transaction on Thursday, May 17th. The stock was sold at an average price of $60.54, for a total value of $665,940.00. Following the completion of the transaction, the insider now directly owns 62,311 shares of the company’s stock, valued at approximately $3,772,307.94. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction on Friday, May 18th. The shares were sold at an average price of $60.52, for a total value of $726,240.00. Following the completion of the transaction, the chief financial officer now directly owns 376,423 shares of the company’s stock, valued at $22,781,119.96. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,600 shares of company stock valued at $2,276,224. 0.70% of the stock is owned by corporate insiders.

Progressive 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.

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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