Baird Financial Group Inc. Invests $273,000 in Progressive Corp (PGR) Stock

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Baird Financial Group Inc. purchased a new position in Progressive Corp (NYSE:PGR) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,487 shares of the insurance provider’s stock, valued at approximately $273,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. BlackRock Inc. increased its stake in Progressive by 1.7% in the first quarter. BlackRock Inc. now owns 39,414,036 shares of the insurance provider’s stock worth $2,401,497,000 after purchasing an additional 644,100 shares during the period. Artisan Partners Limited Partnership increased its stake in Progressive by 9.6% in the first quarter. Artisan Partners Limited Partnership now owns 17,081,390 shares of the insurance provider’s stock worth $1,040,769,000 after purchasing an additional 1,501,554 shares during the period. JPMorgan Chase & Co. increased its stake in Progressive by 16.2% in the first quarter. JPMorgan Chase & Co. now owns 11,676,418 shares of the insurance provider’s stock worth $711,444,000 after purchasing an additional 1,630,692 shares during the period. Geode Capital Management LLC increased its stake in Progressive by 8.3% in the fourth quarter. Geode Capital Management LLC now owns 6,450,730 shares of the insurance provider’s stock worth $362,577,000 after purchasing an additional 496,336 shares during the period. Finally, Principal Financial Group Inc. increased its stake in Progressive by 1.0% in the first 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 period. Institutional investors own 79.67% of the company’s stock.

In other Progressive news, insider Steven Broz sold 2,000 shares of Progressive stock in a transaction dated Wednesday, April 25th. The stock was sold at an average price of $60.62, for a total value of $121,240.00. Following the transaction, the insider now owns 14,073 shares in the company, valued at $853,105.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction dated Thursday, June 14th. The shares were sold at an average price of $62.40, for a total value of $748,800.00. Following the completion of the transaction, the chief financial officer now owns 364,423 shares in the company, valued at approximately $22,739,995.20. The disclosure for this sale can be found here. Insiders sold 49,600 shares of company stock worth $3,025,024 in the last quarter. 0.70% of the stock is owned by insiders.

Shares of Progressive stock opened at $60.78 on Monday. The firm has a market cap of $35.55 billion, a PE ratio of 23.11, a PEG ratio of 1.98 and a beta of 0.67. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.44 and a current ratio of 0.44. Progressive Corp has a 12 month low of $43.59 and a 12 month high of $64.77.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, May 2nd. The insurance provider reported $1.29 EPS for the quarter, beating the consensus estimate of $1.19 by $0.10. Progressive had a return on equity of 18.90% and a net margin of 6.75%. sell-side analysts predict that Progressive Corp will post 4.21 earnings per share for the current year.

A number of analysts have weighed in on the company. Wells Fargo & Co set a $64.00 target price on Progressive and gave the stock a “hold” rating in a research note on Thursday, May 3rd. MKM Partners increased their target price on Progressive to $75.00 and gave the stock a “buy” rating in a research note on Tuesday, May 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Progressive in a research note on Thursday, May 31st. ValuEngine lowered Progressive from a “buy” rating to a “hold” rating in a research note on Thursday, May 17th. Finally, Deutsche Bank increased their target price on Progressive from $60.00 to $62.00 and gave the stock a “hold” rating in a research note on Monday, May 21st. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, four have issued a buy rating and two have given a strong buy rating to the company’s stock. Progressive currently has an average rating of “Hold” and a consensus price target of $55.47.

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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