Fisher Asset Management LLC Lowers Position in Progressive Corp. (PGR)
Fisher Asset Management LLC reduced its stake in shares of Progressive Corp. (NYSE:PGR) by 12.1% during the third quarter, Holdings Channel reports. The firm owned 150,075 shares of the company’s stock after selling 20,627 shares during the period. Fisher Asset Management LLC’s holdings in Progressive Corp. were worth $4,727,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. Livingston Group Asset Management CO operating as Southport Capital Management purchased a new stake in shares of Progressive Corp. during the second quarter worth $108,000. Financial Architects Inc increased its stake in shares of Progressive Corp. by 1,471.7% in the second quarter. Financial Architects Inc now owns 3,992 shares of the company’s stock worth $134,000 after buying an additional 3,738 shares in the last quarter. Creative Planning increased its stake in shares of Progressive Corp. by 88.9% in the second quarter. Creative Planning now owns 4,058 shares of the company’s stock worth $136,000 after buying an additional 1,910 shares in the last quarter. Van ECK Associates Corp increased its stake in shares of Progressive Corp. by 24.2% in the second quarter. Van ECK Associates Corp now owns 4,833 shares of the company’s stock worth $162,000 after buying an additional 943 shares in the last quarter. Finally, Global X Management Co. LLC increased its stake in shares of Progressive Corp. by 79.8% in the second quarter. Global X Management Co. LLC now owns 5,326 shares of the company’s stock worth $178,000 after buying an additional 2,363 shares in the last quarter. 76.56% of the stock is currently owned by institutional investors.
Progressive Corp. (NYSE:PGR) traded up 0.48% during trading on Tuesday, hitting $33.58. 2,439,677 shares of the company traded hands. Progressive Corp. has a 12-month low of $29.32 and a 12-month high of $35.54. The stock has a 50-day moving average price of $32.25 and a 200-day moving average price of $32.44. The firm has a market capitalization of $19.50 billion, a P/E ratio of 20.10 and a beta of 0.75.
Progressive Corp. (NYSE:PGR) last announced its earnings results on Thursday, October 13th. The company reported $0.34 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.36 by $0.02. Progressive Corp. had a net margin of 4.31% and a return on equity of 12.30%. The company earned $6.05 billion during the quarter. During the same quarter in the previous year, the firm earned $0.47 EPS. Progressive Corp.’s revenue was up 11.8% compared to the same quarter last year. Equities analysts expect that Progressive Corp. will post $1.52 EPS for the current fiscal year.
A number of analysts recently weighed in on the stock. Citigroup Inc. upgraded shares of Progressive Corp. from a “sell” rating to a “neutral” rating and increased their price target for the company from $30.00 to $34.00 in a research report on Friday, October 14th. Credit Suisse Group AG set a $28.00 price target on shares of Progressive Corp. and gave the company a “sell” rating in a research report on Tuesday, August 23rd. William Blair reiterated an “outperform” rating on shares of Progressive Corp. in a research report on Saturday, September 10th. Zacks Investment Research upgraded shares of Progressive Corp. from a “sell” rating to a “hold” rating in a research report on Tuesday, September 13th. Finally, Deutsche Bank AG cut their price target on shares of Progressive Corp. from $30.00 to $28.00 and set a “sell” rating on the stock in a research report on Monday, September 19th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $32.41.
In related news, insider M Jeffrey Charney sold 7,000 shares of the company’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $32.50, for a total value of $227,500.00. Following the sale, the insider now directly owns 71,961 shares in the company, valued at $2,338,732.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.60% of the stock is owned by corporate insiders.
About Progressive Corp.
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 Personal Lines, Commercial Lines and Property segments.
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