Unigestion Holding SA Trims Stock Position in Progressive Corp (NYSE:PGR)

Unigestion Holding SA cut its stake in Progressive Corp (NYSE:PGR) by 6.8% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 421,287 shares of the insurance provider’s stock after selling 30,947 shares during the period. Unigestion Holding SA owned about 0.07% of Progressive worth $32,545,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in PGR. Weatherly Asset Management L. P. increased its stake in Progressive by 3.1% in the second quarter. Weatherly Asset Management L. P. now owns 4,361 shares of the insurance provider’s stock valued at $349,000 after purchasing an additional 131 shares during the period. Archford Capital Strategies LLC increased its stake in Progressive by 49.5% in the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock valued at $33,000 after purchasing an additional 135 shares during the period. Cornerstone Advisors Inc. increased its stake in Progressive by 5.4% in the second quarter. Cornerstone Advisors Inc. now owns 2,740 shares of the insurance provider’s stock valued at $219,000 after purchasing an additional 141 shares during the period. TRUE Private Wealth Advisors increased its stake in Progressive by 3.5% in the second quarter. TRUE Private Wealth Advisors now owns 4,254 shares of the insurance provider’s stock valued at $340,000 after purchasing an additional 144 shares during the period. Finally, Eukles Asset Management increased its stake in Progressive by 2.2% in the third quarter. Eukles Asset Management now owns 7,253 shares of the insurance provider’s stock valued at $560,000 after purchasing an additional 155 shares during the period. 78.67% of the stock is owned by hedge funds and other institutional investors.

Shares of Progressive stock traded up $1.11 on Friday, reaching $73.67. 5,196,906 shares of the stock were exchanged, compared to its average volume of 3,089,688. Progressive Corp has a 1-year low of $56.71 and a 1-year high of $84.96. The company has a current ratio of 0.42, a quick ratio of 0.36 and a debt-to-equity ratio of 0.31. The business has a fifty day moving average price of $73.17 and a two-hundred day moving average price of $77.39. The firm has a market capitalization of $40.28 billion, a PE ratio of 16.67, a PEG ratio of 1.75 and a beta of 0.65.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Thursday, November 7th. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.30 by $0.03. Progressive had a net margin of 8.69% and a return on equity of 25.83%. Research analysts expect that Progressive Corp will post 5.37 EPS for the current year.

In other Progressive news, CEO Susan Patricia Griffith sold 22,500 shares of the company’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the transaction, the chief executive officer now directly owns 352,795 shares in the company, valued at $26,978,233.65. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 5,000 shares of the company’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $70.84, for a total transaction of $354,200.00. Following the transaction, the insider now owns 25,295 shares in the company, valued at $1,791,897.80. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 39,500 shares of company stock worth $3,005,735. Company insiders own 0.39% of the company’s stock.

PGR has been the topic of a number of recent research reports. Buckingham Research lifted their price objective on shares of Progressive from $74.00 to $78.00 and gave the company a “neutral” rating in a research note on Thursday, September 12th. Wells Fargo & Co restated a “hold” rating and issued a $76.00 price objective on shares of Progressive in a research note on Thursday. ValuEngine lowered shares of Progressive from a “hold” rating to a “sell” rating in a research note on Tuesday, October 15th. Evercore ISI initiated coverage on shares of Progressive in a research note on Thursday, October 17th. They issued an “in-line” rating and a $78.00 price objective on the stock. Finally, Credit Suisse Group dropped their price objective on shares of Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and five have given a buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $82.64.

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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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