Earnest Partners LLC cut its holdings in shares of Progressive Corp (NYSE:PGR) by 1.5% in the fourth quarter, Holdings Channel reports. The institutional investor owned 759,834 shares of the insurance provider’s stock after selling 11,358 shares during the quarter. Earnest Partners LLC’s holdings in Progressive were worth $42,794,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also bought and sold shares of the business. Kopp Investment Advisors LLC purchased a new position in shares of Progressive during the 4th quarter valued at approximately $225,000. Ellington Management Group LLC purchased a new position in shares of Progressive during the 4th quarter valued at approximately $496,000. Teachers Insurance & Annuity Association of America purchased a new position in shares of Progressive during the 4th quarter valued at approximately $1,134,000. Stone Ridge Asset Management LLC purchased a new position in shares of Progressive during the 4th quarter valued at approximately $3,003,000. Finally, Viking Global Investors LP purchased a new position in shares of Progressive during the 4th quarter valued at approximately $55,771,000. 81.11% of the stock is owned by institutional investors.
In other Progressive news, insider William M. Cody sold 25,000 shares of Progressive stock in a transaction on Friday, December 22nd. The shares were sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the sale, the insider now owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Insiders own 0.56% of the company’s stock.
Progressive (NYSE:PGR) last announced its earnings results on Wednesday, January 24th. The insurance provider reported $0.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.77 by $0.02. Progressive had a net margin of 5.93% and a return on equity of 15.96%. The company had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.62 billion. During the same quarter in the previous year, the company posted $0.66 EPS. The firm’s quarterly revenue was up 21.6% on a year-over-year basis. sell-side analysts forecast that Progressive Corp will post 3.52 earnings per share for the current year.
A number of equities research analysts recently issued reports on PGR shares. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $58.00 price target on shares of Progressive in a research note on Friday, November 17th. B. Riley reissued a “hold” rating and issued a $46.00 price target on shares of Progressive in a research note on Wednesday, November 15th. Credit Suisse Group reissued a “hold” rating and issued a $48.00 price target on shares of Progressive in a research note on Friday, December 15th. MKM Partners lifted their price target on shares of Progressive from $55.00 to $65.00 and gave the company a “buy” rating in a research note on Thursday, January 25th. Finally, Wells Fargo & Co set a $50.00 price target on shares of Progressive and gave the company a “hold” rating in a research note on Wednesday, November 15th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $50.65.
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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.
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