Bessemer Group Inc. boosted its holdings in shares of The Progressive Corporation (NYSE:PGR – Free Report) by 0.6% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,583 shares of the insurance provider’s stock after purchasing an additional 65 shares during the quarter. Bessemer Group Inc.’s holdings in Progressive were worth $2,995,000 at the end of the most recent quarter.
A number of other institutional investors have also made changes to their positions in the company. State of Alaska Department of Revenue boosted its position in Progressive by 2.7% during the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock worth $19,426,000 after acquiring an additional 1,800 shares during the period. QRG Capital Management Inc. boosted its stake in shares of Progressive by 36.4% during the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider’s stock worth $35,893,000 after acquiring an additional 33,864 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH boosted its stake in Progressive by 498.5% during the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider’s stock valued at $1,431,000 after purchasing an additional 4,212 shares during the period. Hennessy Advisors Inc. acquired a new position in Progressive in the 1st quarter valued at approximately $3,141,000. Finally, Janney Montgomery Scott LLC raised its holdings in Progressive by 16.5% in the 1st quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider’s stock valued at $26,451,000 after acquiring an additional 13,231 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.
Insider Activity at Progressive
In other news, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $268.59, for a total value of $2,685,900.00. Following the transaction, the chief financial officer now directly owns 248,024 shares in the company, valued at approximately $66,616,766.16. This trade represents a 3.88% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 2,490 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the sale, the director now owns 12,429 shares in the company, valued at $3,451,160.43. This trade represents a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,705 shares of company stock valued at $8,813,048. Company insiders own 0.34% of the company’s stock.
Wall Street Analysts Forecast Growth
Read Our Latest Stock Report on Progressive
Progressive Stock Up 0.9%
Progressive stock opened at $263.85 on Friday. The firm has a 50 day moving average price of $274.46 and a 200 day moving average price of $264.76. The company has a market capitalization of $154.68 billion, a PE ratio of 17.79, a price-to-earnings-growth ratio of 1.61 and a beta of 0.40. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a fifty-two week low of $207.48 and a fifty-two week high of $292.99.
Progressive (NYSE:PGR – Get Free Report) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts’ consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The business had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. Research analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current year.
About Progressive
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.
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