Commerce Bank Trims Position in Progressive Corp (PGR)

Commerce Bank trimmed its holdings in shares of Progressive Corp (NYSE:PGR) by 9.4% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 20,732 shares of the insurance provider’s stock after selling 2,158 shares during the period. Commerce Bank’s holdings in Progressive were worth $1,473,000 as of its most recent SEC filing.

A number of other large investors have also modified their holdings of the stock. Artisan Partners Limited Partnership lifted its position in shares of Progressive by 5.1% in the 2nd quarter. Artisan Partners Limited Partnership now owns 17,946,090 shares of the insurance provider’s stock valued at $1,061,511,000 after acquiring an additional 864,700 shares in the last quarter. Janus Henderson Group PLC lifted its position in shares of Progressive by 10.2% in the 2nd quarter. Janus Henderson Group PLC now owns 12,095,573 shares of the insurance provider’s stock valued at $715,456,000 after acquiring an additional 1,122,013 shares in the last quarter. Renaissance Technologies LLC lifted its position in shares of Progressive by 19.6% in the 2nd quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock valued at $419,663,000 after acquiring an additional 1,163,500 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Progressive by 1.0% in the 1st quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock valued at $307,278,000 after acquiring an additional 47,656 shares in the last quarter. Finally, Bank of America Corp DE lifted its position in shares of Progressive by 8.0% in the 2nd quarter. Bank of America Corp DE now owns 4,595,539 shares of the insurance provider’s stock valued at $271,827,000 after acquiring an additional 338,879 shares in the last quarter. Hedge funds and other institutional investors own 79.89% of the company’s stock.

In other Progressive news, insider John A. Barbagallo sold 50,000 shares of the stock in a transaction that occurred on Friday, October 26th. The shares were sold at an average price of $68.02, for a total value of $3,401,000.00. Following the completion of the sale, the insider now owns 177,368 shares in the company, valued at approximately $12,064,571.36. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction that occurred on Thursday, August 16th. The stock was sold at an average price of $64.25, for a total transaction of $771,000.00. Following the completion of the sale, the chief financial officer now owns 390,584 shares of the company’s stock, valued at approximately $25,095,022. The disclosure for this sale can be found here. In the last quarter, insiders sold 124,600 shares of company stock valued at $8,325,164. Insiders own 0.70% of the company’s stock.

PGR stock opened at $73.19 on Friday. Progressive Corp has a 12-month low of $50.18 and a 12-month high of $73.69. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.42 and a quick ratio of 0.42. The company has a market capitalization of $40.65 billion, a price-to-earnings ratio of 27.83, a P/E/G ratio of 1.99 and a beta of 0.71.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.43. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The company’s revenue was up 20.5% compared to the same quarter last year. On average, research analysts expect that Progressive Corp will post 4.81 earnings per share for the current fiscal year.

PGR has been the subject of several research analyst reports. Citigroup upped their price target on shares of Progressive from $63.00 to $65.00 and gave the company a “neutral” rating in a research report on Thursday, August 16th. Credit Suisse Group set a $79.00 price target on shares of Progressive and gave the company a “buy” rating in a research report on Monday, October 15th. Morgan Stanley upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price target for the company in a research report on Wednesday. Buckingham Research upgraded shares of Progressive to a “sell” rating and set a $52.00 price target for the company in a research report on Wednesday, July 18th. Finally, Wells Fargo & Co restated a “hold” rating and issued a $64.00 price target on shares of Progressive in a research report on Wednesday, August 15th. One research analyst has rated the stock with a sell rating, seven have given a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $69.79.

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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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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