Wendell David Associates Inc. bought a new stake in Progressive Corp (NYSE:PGR) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 5,200 shares of the insurance provider’s stock, valued at approximately $204,000.

A number of other hedge funds and other institutional investors also recently modified their holdings of PGR. State Street Corp raised its position in shares of Progressive Corp by 9.5% in the fourth quarter. State Street Corp now owns 26,624,068 shares of the insurance provider’s stock valued at $945,157,000 after buying an additional 2,305,550 shares during the last quarter. Longview Partners Guernsey LTD increased its stake in shares of Progressive Corp by 1.2% in the third quarter. Longview Partners Guernsey LTD now owns 20,409,866 shares of the insurance provider’s stock valued at $642,911,000 after buying an additional 232,279 shares during the period. Artisan Partners Limited Partnership increased its stake in shares of Progressive Corp by 0.7% in the fourth quarter. Artisan Partners Limited Partnership now owns 8,155,233 shares of the insurance provider’s stock valued at $289,511,000 after buying an additional 59,378 shares during the period. Northern Trust Corp increased its stake in shares of Progressive Corp by 0.3% in the third quarter. Northern Trust Corp now owns 6,572,179 shares of the insurance provider’s stock valued at $207,024,000 after buying an additional 19,261 shares during the period. Finally, Victory Capital Management Inc. increased its stake in shares of Progressive Corp by 336.5% in the third quarter. Victory Capital Management Inc. now owns 5,495,747 shares of the insurance provider’s stock valued at $173,116,000 after buying an additional 4,236,740 shares during the period. Institutional investors own 76.70% of the company’s stock.

Institutional Ownership by Quarter for Progressive Corp (NYSE:PGR)

Progressive Corp (NYSE:PGR) traded down 0.05% during trading on Friday, reaching $39.39. 1,167,534 shares of the company’s stock were exchanged. Progressive Corp has a 52 week low of $30.54 and a 52 week high of $40.74. The company’s 50 day moving average price is $39.54 and its 200-day moving average price is $35.94. The stock has a market capitalization of $22.88 billion, a price-to-earnings ratio of 22.38 and a beta of 0.75.

Progressive Corp (NYSE:PGR) last posted its earnings results on Tuesday, April 18th. The insurance provider reported $0.67 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.68 by $0.01. The business earned $6.49 billion during the quarter, compared to analyst estimates of $6.49 billion. Progressive Corp had a net margin of 4.40% and a return on equity of 12.59%. Progressive Corp’s revenue was up 11.6% compared to the same quarter last year. During the same quarter last year, the firm earned $0.44 earnings per share. On average, equities analysts expect that Progressive Corp will post $2.26 EPS for the current year.

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Several brokerages have issued reports on PGR. Bank of America Corp raised shares of Progressive Corp from a “neutral” rating to a “buy” rating and upped their price target for the company from $40.00 to $46.00 in a report on Monday, March 20th. Barclays PLC reaffirmed a “sell” rating and issued a $33.00 price target on shares of Progressive Corp in a report on Sunday, February 19th. Keefe, Bruyette & Woods raised shares of Progressive Corp from a “market perform” rating to an “outperform” rating and upped their price target for the company from $39.00 to $45.00 in a report on Monday, April 10th. Zacks Investment Research downgraded shares of Progressive Corp from a “buy” rating to a “hold” rating in a report on Thursday, January 12th. Finally, Wells Fargo & Co reaffirmed a “hold” rating on shares of Progressive Corp in a report on Saturday, March 18th. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and five have given a buy rating to the stock. The company has an average rating of “Hold” and an average target price of $37.62.

Progressive Corp 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.

5 Day Chart for NYSE:PGR

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