Progressive Corp (PGR) Stake Lessened by State Board of Administration of Florida Retirement System

State Board of Administration of Florida Retirement System lessened its stake in shares of Progressive Corp (NYSE:PGR) by 1.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 777,652 shares of the insurance provider’s stock after selling 12,576 shares during the quarter. State Board of Administration of Florida Retirement System owned about 0.13% of Progressive worth $55,244,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently made changes to their positions in PGR. Principal Financial Group Inc. boosted its holdings in shares of Progressive by 1.0% during the 1st quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock valued at $307,278,000 after acquiring an additional 47,656 shares during the last quarter. Cerebellum GP LLC purchased a new stake in shares of Progressive during the 2nd quarter valued at about $168,000. Gulf International Bank UK Ltd boosted its holdings in shares of Progressive by 3.9% during the 2nd quarter. Gulf International Bank UK Ltd now owns 187,806 shares of the insurance provider’s stock valued at $11,108,000 after acquiring an additional 7,000 shares during the last quarter. IFM Investors Pty Ltd boosted its holdings in shares of Progressive by 41.1% during the 2nd quarter. IFM Investors Pty Ltd now owns 26,140 shares of the insurance provider’s stock valued at $1,546,000 after acquiring an additional 7,620 shares during the last quarter. Finally, Livforsakringsbolaget Skandia Omsesidigt boosted its holdings in shares of Progressive by 85.0% during the 2nd quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 16,328 shares of the insurance provider’s stock valued at $966,000 after acquiring an additional 7,500 shares during the last quarter. 79.85% of the stock is currently owned by hedge funds and other institutional investors.

PGR opened at $68.38 on Friday. The company has a current ratio of 0.42, a quick ratio of 0.43 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $39.83 billion, a P/E ratio of 26.00, a price-to-earnings-growth ratio of 1.94 and a beta of 0.71. Progressive Corp has a 12-month low of $49.15 and a 12-month high of $72.72.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.14 by $0.43. The company had revenue of $8.60 billion for the quarter, compared to the consensus estimate of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The firm’s revenue was up 20.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.38 earnings per share. On average, equities research analysts predict that Progressive Corp will post 4.8 earnings per share for the current year.

In other Progressive news, CEO Susan Patricia Griffith sold 12,600 shares of Progressive stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.14, for a total transaction of $808,164.00. Following the transaction, the chief executive officer now owns 265,856 shares of the company’s stock, valued at $17,052,003.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction that occurred on Thursday, August 16th. The shares were sold at an average price of $64.25, for a total transaction of $771,000.00. Following the transaction, the chief financial officer now directly owns 390,584 shares in the company, valued at approximately $25,095,022. The disclosure for this sale can be found here. Insiders have sold 124,600 shares of company stock worth $8,325,164 in the last ninety days. Insiders own 0.70% of the company’s stock.

A number of brokerages have recently issued reports on PGR. Credit Suisse Group set a $79.00 price target on shares of Progressive and gave the company a “buy” rating in a report on Friday. Wells Fargo & Co set a $69.00 price objective on shares of Progressive and gave the stock a “hold” rating in a report on Thursday. ValuEngine downgraded shares of Progressive from a “buy” rating to a “hold” rating in a report on Thursday. Raymond James raised their price objective on shares of Progressive from $82.00 to $85.00 and gave the stock a “strong-buy” rating in a report on Wednesday, October 17th. Finally, Citigroup raised their price objective on shares of Progressive from $70.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, October 12th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. Progressive presently has a consensus rating of “Hold” and a consensus price target of $68.64.

Progressive Profile

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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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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