Gamble Jones Investment Counsel Acquires 2,400 Shares of Progressive Corp (NYSE:PGR)

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Gamble Jones Investment Counsel increased its holdings in shares of Progressive Corp (NYSE:PGR) by 12.7% in the third quarter, HoldingsChannel reports. The firm owned 21,350 shares of the insurance provider’s stock after buying an additional 2,400 shares during the period. Gamble Jones Investment Counsel’s holdings in Progressive were worth $1,649,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. boosted its holdings in shares of Progressive by 1.3% during the second quarter. Vanguard Group Inc. now owns 47,282,236 shares of the insurance provider’s stock worth $3,779,270,000 after acquiring an additional 608,886 shares during the period. BlackRock Inc. boosted its holdings in shares of Progressive by 0.9% during the second quarter. BlackRock Inc. now owns 41,763,992 shares of the insurance provider’s stock worth $3,338,197,000 after acquiring an additional 373,372 shares during the period. Amundi Pioneer Asset Management Inc. boosted its holdings in shares of Progressive by 45.2% during the second quarter. Amundi Pioneer Asset Management Inc. now owns 7,422,571 shares of the insurance provider’s stock worth $593,288,000 after acquiring an additional 2,309,945 shares during the period. Northern Trust Corp boosted its holdings in shares of Progressive by 1.1% during the second quarter. Northern Trust Corp now owns 7,244,901 shares of the insurance provider’s stock worth $579,085,000 after acquiring an additional 81,460 shares during the period. Finally, Bank of America Corp DE boosted its holdings in shares of Progressive by 10.9% during the second quarter. Bank of America Corp DE now owns 5,801,352 shares of the insurance provider’s stock worth $463,702,000 after acquiring an additional 568,222 shares during the period. Institutional investors and hedge funds own 78.67% of the company’s stock.

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $77.58, for a total transaction of $930,960.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Susan Patricia Griffith sold 22,500 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $76.47, for a total transaction of $1,720,575.00. Following the transaction, the chief executive officer now owns 352,795 shares of the company’s stock, valued at $26,978,233.65. The disclosure for this sale can be found here. Over the last quarter, insiders sold 39,500 shares of company stock valued at $3,005,735. 0.39% of the stock is owned by company insiders.

A number of brokerages have recently issued reports on PGR. Buckingham Research boosted their price objective on Progressive from $74.00 to $78.00 and gave the stock a “neutral” rating in a report on Thursday, September 12th. Evercore ISI began coverage on Progressive in a report on Thursday, October 17th. They set an “in-line” rating and a $78.00 price objective for the company. Wells Fargo & Co restated a “hold” rating and set a $76.00 price objective on shares of Progressive in a report on Thursday. ValuEngine cut Progressive from a “hold” rating to a “sell” rating in a report on Tuesday, October 15th. Finally, Raymond James set a $93.00 price objective on Progressive and gave the stock a “buy” rating in a report on Thursday, September 26th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the company. Progressive presently has an average rating of “Hold” and an average price target of $82.64.

Shares of NYSE PGR traded up $1.11 during midday trading on Friday, reaching $73.67. The company’s stock had a trading volume of 5,105,250 shares, compared to its average volume of 3,089,688. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.36 and a current ratio of 0.42. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $84.96. The business’s 50 day moving average price is $73.13 and its two-hundred day moving average price is $77.38. The company has a market cap of $40.28 billion, a P/E ratio of 16.67, a P/E/G ratio of 1.75 and a beta of 0.65.

Progressive (NYSE:PGR) last released its quarterly earnings results on Thursday, November 7th. The insurance provider reported $1.33 earnings per share for the quarter, beating analysts’ consensus estimates of $1.30 by $0.03. Progressive had a net margin of 8.69% and a return on equity of 25.83%. Sell-side analysts forecast that Progressive Corp will post 5.37 earnings per share for the current fiscal year.

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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Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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