Penserra Capital Management LLC reduced its holdings in shares of Progressive Corp (NYSE:PGR) by 94.0% during the third quarter, HoldingsChannel.com reports. The fund owned 1,995 shares of the insurance provider’s stock after selling 31,523 shares during the quarter. Penserra Capital Management LLC’s holdings in Progressive were worth $152,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also modified their holdings of PGR. Commonwealth Equity Services LLC raised its stake in shares of Progressive by 3.5% in the second quarter. Commonwealth Equity Services LLC now owns 42,275 shares of the insurance provider’s stock valued at $3,379,000 after buying an additional 1,411 shares during the period. Bessemer Group Inc. raised its stake in shares of Progressive by 12.6% in the second quarter. Bessemer Group Inc. now owns 579,858 shares of the insurance provider’s stock valued at $46,348,000 after buying an additional 65,076 shares during the period. AE Wealth Management LLC raised its stake in shares of Progressive by 252.5% in the second quarter. AE Wealth Management LLC now owns 11,943 shares of the insurance provider’s stock valued at $955,000 after buying an additional 8,555 shares during the period. Manchester Financial Inc. bought a new stake in shares of Progressive in the second quarter valued at $25,000. Finally, Commerzbank Aktiengesellschaft FI raised its stake in shares of Progressive by 5.6% in the second quarter. Commerzbank Aktiengesellschaft FI now owns 12,135 shares of the insurance provider’s stock valued at $970,000 after buying an additional 646 shares during the period. Institutional investors and hedge funds own 78.39% of the company’s stock.
In related news, CEO Susan Patricia Griffith sold 22,614 shares of the business’s stock in a transaction dated Thursday, November 14th. The stock was sold at an average price of $71.99, for a total transaction of $1,627,981.86. Following the completion of the transaction, the chief executive officer now directly owns 376,308 shares in the company, valued at $27,090,412.92. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, insider Steven Broz sold 5,000 shares of the business’s stock in a transaction dated Friday, October 18th. The stock was sold at an average price of $70.84, for a total value of $354,200.00. Following the transaction, the insider now owns 25,295 shares of the company’s stock, valued at $1,791,897.80. The disclosure for this sale can be found here. Insiders own 0.39% of the company’s stock.
Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, November 13th. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.30 by $0.03. Progressive had a return on equity of 26.09% and a net margin of 8.69%. Equities analysts predict that Progressive Corp will post 5.32 EPS for the current fiscal year.
Several analysts have issued reports on the company. Goldman Sachs Group lowered Progressive from a “buy” rating to a “neutral” rating in a research note on Wednesday, November 27th. Wells Fargo & Co restated a “hold” rating and issued a $76.00 target price on shares of Progressive in a research note on Thursday, November 7th. Barclays set a $90.00 target price on Progressive and gave the company a “buy” rating in a research note on Friday, September 13th. Evercore ISI assumed coverage on Progressive in a research note on Thursday, October 17th. They issued an “in-line” rating and a $78.00 target price on the stock. Finally, Raymond James set a $93.00 target price on Progressive and gave the company a “buy” rating in a research note on Thursday, September 26th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $82.50.
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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