Amundi Sells 921,921 Shares of The Progressive Corporation $PGR

Amundi lessened its stake in shares of The Progressive Corporation (NYSE:PGR) by 38.4% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 1,479,156 shares of the insurance provider’s stock after selling 921,921 shares during the period. Amundi’s holdings in Progressive were worth $381,326,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. New York Life Investment Management LLC raised its holdings in Progressive by 1.4% during the 2nd quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after purchasing an additional 1,192 shares during the last quarter. Baron Silver Stevens Financial Advisors LLC bought a new stake in Progressive in the 2nd quarter valued at about $306,000. Wakefield Asset Management LLLP raised its position in shares of Progressive by 199.0% during the second quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock worth $2,511,000 after purchasing an additional 6,263 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Progressive in the 2nd quarter valued at about $13,583,000. Finally, Whalen Wealth Management Inc. purchased a new position in shares of Progressive during the second quarter valued at approximately $647,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total transaction of $1,555,052.40. Following the completion of the transaction, the insider owned 15,192 shares in the company, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 5,000 shares of the company’s stock in a transaction on Friday, November 28th. The shares were sold at an average price of $228.48, for a total value of $1,142,400.00. Following the completion of the transaction, the chief financial officer directly owned 223,024 shares in the company, valued at $50,956,523.52. This trade represents a 2.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 17,673 shares of company stock worth $4,163,005 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Progressive Stock Performance

NYSE:PGR opened at $222.85 on Friday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a 52-week low of $199.90 and a 52-week high of $292.99. The firm has a market capitalization of $130.68 billion, a PE ratio of 12.22, a P/E/G ratio of 1.01 and a beta of 0.36. The stock has a 50-day simple moving average of $225.88 and a two-hundred day simple moving average of $244.78.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. During the same quarter in the previous year, the firm earned $3.58 earnings per share. Analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Wall Street Analyst Weigh In

PGR has been the topic of several research analyst reports. UBS Group cut their price objective on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. HSBC set a $259.00 price target on Progressive and gave the stock an “underperform” rating in a research note on Monday, November 17th. Jefferies Financial Group lowered Progressive from a “buy” rating to a “hold” rating and reduced their price target for the stock from $261.00 to $232.00 in a research report on Friday, November 14th. BMO Capital Markets upped their target price on Progressive from $247.00 to $260.00 and gave the company a “market perform” rating in a report on Friday, November 21st. Finally, Evercore ISI dropped their price target on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $266.52.

Progressive Company Profile

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.