Bbva Compass Bancshares Inc. decreased its holdings in Progressive Corp (NYSE:PGR) by 8.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 55,583 shares of the insurance provider’s stock after selling 5,247 shares during the quarter. Bbva Compass Bancshares Inc.’s holdings in Progressive were worth $3,131,000 at the end of the most recent reporting period.
Several other institutional investors have also recently made changes to their positions in the business. Carillon Tower Advisers Inc. purchased a new stake in shares of Progressive in the fourth quarter valued at approximately $49,903,000. Bank of Hawaii purchased a new position in Progressive in the fourth quarter worth approximately $511,000. Quadrature Capital Ltd purchased a new position in Progressive in the fourth quarter worth approximately $6,342,000. Eaton Vance Management grew its position in Progressive by 0.7% in the fourth quarter. Eaton Vance Management now owns 1,301,906 shares of the insurance provider’s stock worth $73,323,000 after acquiring an additional 9,681 shares during the period. Finally, OppenheimerFunds Inc. grew its position in Progressive by 1.8% in the fourth quarter. OppenheimerFunds Inc. now owns 5,384,050 shares of the insurance provider’s stock worth $303,229,000 after acquiring an additional 93,429 shares during the period. 81.11% of the stock is owned by institutional investors and hedge funds.
Progressive Corp (PGR) opened at $60.01 on Wednesday. Progressive Corp has a twelve month low of $38.61 and a twelve month high of $60.69. The firm has a market capitalization of $35,152.00, a price-to-earnings ratio of 22.06, a price-to-earnings-growth ratio of 2.34 and a beta of 0.71. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.36.
Several research firms have recently commented on PGR. Zacks Investment Research lowered Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. Wells Fargo & Co set a $57.00 price objective on Progressive and gave the company a “hold” rating in a research note on Thursday, March 1st. MKM Partners increased their price objective on Progressive from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. UBS Group raised their price target on Progressive from $63.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Finally, B. Riley reiterated a “hold” rating and set a $46.00 target price on shares of Progressive in a research report on Wednesday, November 15th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $50.65.
In related news, insider William M. Cody sold 25,000 shares of the company’s stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the sale, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.56% of the stock is currently owned by corporate insiders.
Progressive Company Profile
The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.
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