Progressive Corp (PGR) Holdings Lifted by Gulf International Bank UK Ltd

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Gulf International Bank UK Ltd grew its position in Progressive Corp (NYSE:PGR) by 5.3% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 197,806 shares of the insurance provider’s stock after purchasing an additional 10,000 shares during the period. Gulf International Bank UK Ltd’s holdings in Progressive were worth $14,052,000 as of its most recent SEC filing.

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

In related news, CEO Susan Patricia Griffith sold 12,600 shares of the stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total transaction of $808,164.00. Following the completion of the sale, the chief executive officer now directly owns 265,856 shares of the company’s stock, valued at $17,052,003.84. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, 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 transaction of $3,401,000.00. Following the sale, the insider now directly owns 177,368 shares of the company’s stock, valued at $12,064,571.36. The disclosure for this sale can be found here. Over the last three months, insiders have sold 124,600 shares of company stock valued at $8,325,164. Company insiders own 0.70% of the company’s stock.

A number of analysts have recently weighed in on PGR shares. Citigroup reduced their price target on shares of Progressive from $66.00 to $63.00 and set a “neutral” rating for the company in a research note on Thursday, July 12th. B. Riley upped their price target on shares of Progressive from $54.00 to $60.00 and gave the stock a “neutral” rating in a research note on Monday, July 16th. Wells Fargo & Co set a $64.00 price target on shares of Progressive and gave the stock a “hold” rating in a research note on Tuesday, July 17th. Morgan Stanley upped their price target on shares of Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a research note on Wednesday, July 18th. Finally, Buckingham Research raised shares of Progressive to a “sell” rating and set a $52.00 price target for the company in a research note on Wednesday, July 18th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have given a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $69.79.

PGR stock opened at $69.78 on Wednesday. Progressive Corp has a 12 month low of $50.14 and a 12 month high of $72.72. The company has a market cap of $39.83 billion, a P/E ratio of 26.53, a price-to-earnings-growth ratio of 1.94 and a beta of 0.71. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.34.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.14 by $0.43. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The business had revenue of $8.60 billion during the quarter, compared to analyst estimates of $8.43 billion. During the same period in the prior year, the business earned $0.38 earnings per share. The business’s quarterly revenue was up 20.5% on a year-over-year basis. Equities analysts predict that Progressive Corp will post 4.78 earnings per share for the current fiscal year.

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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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