Mitsubishi UFJ Trust & Banking Corp Trims Stock Holdings in The Progressive Corporation $PGR

Mitsubishi UFJ Trust & Banking Corp lessened its stake in shares of The Progressive Corporation (NYSE:PGR) by 5.2% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 461,441 shares of the insurance provider’s stock after selling 25,540 shares during the quarter. Mitsubishi UFJ Trust & Banking Corp owned approximately 0.08% of Progressive worth $123,140,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently added to or reduced their stakes in PGR. Nuveen LLC purchased a new stake in shares of Progressive during the first quarter worth about $1,473,180,000. GQG Partners LLC boosted its position in Progressive by 61.4% during the first quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock worth $2,362,039,000 after acquiring an additional 3,174,632 shares during the last quarter. C WorldWide Group Holding A S boosted its position in Progressive by 12,110.3% during the first quarter. C WorldWide Group Holding A S now owns 1,248,628 shares of the insurance provider’s stock worth $353,374,000 after acquiring an additional 1,238,402 shares during the last quarter. Alliancebernstein L.P. grew its stake in Progressive by 15.2% in the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after acquiring an additional 1,091,828 shares during the period. Finally, Axiom Investors LLC DE acquired a new position in Progressive in the 1st quarter valued at $194,557,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on PGR shares. Wells Fargo & Company decreased their price objective on Progressive from $266.00 to $246.00 and set an “equal weight” rating on the stock in a report on Thursday, October 16th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Progressive in a research report on Friday, October 31st. Citigroup lowered their price target on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a report on Thursday, October 16th. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research note on Wednesday, August 13th. Finally, Barclays decreased their target price on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research report on Monday, October 20th. Eight research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $269.90.

Insider Transactions at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total value of $325,624.50. Following the transaction, the insider directly owned 30,388 shares in the company, valued at $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 58,500 shares of company stock worth $14,430,089 in the last quarter. 0.33% of the stock is owned by corporate insiders.

Progressive Trading Up 1.0%

Shares of PGR stock opened at $219.73 on Wednesday. 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 fifty-two week low of $199.90 and a fifty-two week high of $292.99. The firm’s 50 day moving average price is $232.41 and its two-hundred day moving average price is $251.30. The stock has a market cap of $128.85 billion, a price-to-earnings ratio of 12.05, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a return on equity of 33.88% and a net margin of 12.57%.The business had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same period in the previous year, the company earned $3.58 EPS. On average, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Company 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.