Bank of Montreal Can Raises Position in Progressive Corporation (The) (PGR)

Bank of Montreal Can raised its stake in shares of Progressive Corporation (The) (NYSE:PGR) by 294.3% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,790,503 shares of the insurance provider’s stock after buying an additional 2,082,834 shares during the period. Bank of Montreal Can owned 0.48% of Progressive Corporation (The) worth $123,034,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Buckingham Asset Management LLC raised its position in Progressive Corporation (The) by 0.3% in the first quarter. Buckingham Asset Management LLC now owns 8,937 shares of the insurance provider’s stock valued at $350,000 after buying an additional 25 shares during the last quarter. Cleararc Capital Inc. raised its position in Progressive Corporation (The) by 0.6% in the first quarter. Cleararc Capital Inc. now owns 14,188 shares of the insurance provider’s stock valued at $556,000 after buying an additional 90 shares during the last quarter. GHP Investment Advisors Inc. raised its position in Progressive Corporation (The) by 0.4% in the first quarter. GHP Investment Advisors Inc. now owns 31,052 shares of the insurance provider’s stock valued at $1,217,000 after buying an additional 123 shares during the last quarter. Parsons Capital Management Inc. RI raised its position in Progressive Corporation (The) by 0.3% in the first quarter. Parsons Capital Management Inc. RI now owns 62,196 shares of the insurance provider’s stock valued at $2,437,000 after buying an additional 160 shares during the last quarter. Finally, Bronfman E.L. Rothschild L.P. raised its position in Progressive Corporation (The) by 2.8% in the first quarter. Bronfman E.L. Rothschild L.P. now owns 8,317 shares of the insurance provider’s stock valued at $326,000 after buying an additional 226 shares during the last quarter. Hedge funds and other institutional investors own 79.35% of the company’s stock.

Shares of Progressive Corporation (PGR) opened at 44.58 on Wednesday. Progressive Corporation has a 52-week low of $30.54 and a 52-week high of $45.17. The firm has a market cap of $25.90 billion, a P/E ratio of 21.76 and a beta of 0.85. The stock’s 50 day moving average is $42.89 and its 200-day moving average is $39.38.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings results on Tuesday, April 18th. The insurance provider reported $0.67 EPS for the quarter, missing analysts’ consensus estimates of $0.68 by $0.01. Progressive Corporation (The) had a return on equity of 13.99% and a net margin of 4.95%. The business had revenue of $6.49 billion for the quarter, compared to analyst estimates of $6.49 billion. During the same quarter last year, the firm earned $0.44 earnings per share. The firm’s quarterly revenue was up 11.6% compared to the same quarter last year. Equities analysts anticipate that Progressive Corporation will post $2.39 earnings per share for the current fiscal year.

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Several research analysts recently commented on the stock. Credit Suisse Group set a $39.00 price target on shares of Progressive Corporation (The) and gave the company a “sell” rating in a report on Saturday, March 25th. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a research note on Saturday, March 18th. FBR & Co lifted their price objective on shares of Progressive Corporation (The) from $36.00 to $40.00 and gave the company a “mkt perform” rating in a research note on Tuesday. Zacks Investment Research lowered shares of Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Finally, Morgan Stanley reiterated an “equal weight” rating and set a $43.00 price objective (up previously from $40.00) on shares of Progressive Corporation (The) in a research note on Friday, July 7th. Two research analysts have rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and one has issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $41.85.

In other news, insider Steven Broz sold 1,100 shares of the business’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $41.55, for a total transaction of $45,705.00. Following the sale, the insider now directly owns 8,955 shares in the company, valued at $372,080.25. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Jeffrey D. Kelly sold 20,000 shares of the business’s stock in a transaction that occurred on Monday, June 26th. The shares were sold at an average price of $44.52, for a total value of $890,400.00. Following the sale, the director now owns 59,963 shares in the company, valued at $2,669,552.76. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 71,100 shares of company stock valued at $3,168,605. Corporate insiders own 0.56% of the company’s stock.

About Progressive Corporation (The)

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.

Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

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