831 Shares in The Progressive Corporation $PGR Purchased by VeraBank N.A.

VeraBank N.A. acquired a new position in The Progressive Corporation (NYSE:PGR) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm acquired 831 shares of the insurance provider’s stock, valued at approximately $222,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of PGR. Vanguard Group Inc. grew its position in Progressive by 1.2% in the 1st quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock valued at $15,289,037,000 after acquiring an additional 622,590 shares during the last quarter. GQG Partners LLC grew its holdings in shares of Progressive by 61.4% in the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after purchasing an additional 3,174,632 shares during the last quarter. Alliancebernstein L.P. boosted its position in Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock valued at $2,338,556,000 after buying an additional 1,091,828 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its stake in Progressive by 6.6% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock worth $1,805,642,000 after acquiring an additional 396,567 shares in the last quarter. Finally, Nuveen LLC purchased a new position in shares of Progressive during the first quarter worth approximately $1,473,180,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on the company. UBS Group lowered their price target on Progressive from $268.00 to $261.00 and set a “neutral” rating for the company in a report on Wednesday, October 8th. Wells Fargo & Company lowered their target price on Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a report on Thursday, October 16th. Citigroup dropped their price target on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Barclays decreased their price objective on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a report on Monday, October 20th. Finally, Zacks Research downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. Eight investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, Progressive has a consensus rating of “Hold” and an average price target of $269.90.

Insider Buying and Selling

In related news, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the transaction, the insider directly owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 58,500 shares of company stock valued at $14,430,089 in the last 90 days. 0.33% of the stock is owned by insiders.

Progressive Stock Up 1.0%

Shares of Progressive stock opened at $219.73 on Wednesday. The firm’s 50 day moving average price is $232.41 and its 200-day moving average price is $251.30. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 52-week low of $199.90 and a 52-week high of $292.99. The company has a market cap of $128.85 billion, a P/E ratio of 12.05, a PEG ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The business had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the prior year, the company posted $3.58 EPS. On average, sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.