Homrich & Berg purchased a new position in shares of Progressive Corp (NYSE:PGR) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 4,175 shares of the insurance provider’s stock, valued at approximately $247,000.

A number of other institutional investors and hedge funds have also recently modified their holdings of PGR. Trust Co. of Vermont boosted its holdings in shares of Progressive by 82.4% during the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after purchasing an additional 906 shares during the last quarter. Signaturefd LLC acquired a new position in Progressive in the first quarter valued at approximately $122,000. Cerebellum GP LLC acquired a new position in Progressive in the second quarter valued at approximately $168,000. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Progressive by 8,571.8% in the second quarter. Migdal Insurance & Financial Holdings Ltd. now owns 3,382 shares of the insurance provider’s stock valued at $200,000 after acquiring an additional 3,343 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC raised its position in Progressive by 114.8% in the second quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock valued at $201,000 after purchasing an additional 1,819 shares during the period. 80.27% of the stock is owned by institutional investors.

Shares of Progressive stock opened at $68.87 on Friday. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43. Progressive Corp has a 12-month low of $43.60 and a 12-month high of $69.01. The stock has a market capitalization of $40.07 billion, a price-to-earnings ratio of 26.19, a P/E/G ratio of 2.08 and a beta of 0.70.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.08 by $0.11. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The business had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $8.01 billion. During the same period last year, the company posted $0.63 EPS. The company’s revenue was up 20.0% on a year-over-year basis. sell-side analysts predict that Progressive Corp will post 4.5 earnings per share for the current year.

A number of brokerages have issued reports on PGR. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. Argus raised Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research report on Friday, July 27th. MKM Partners increased their target price on Progressive to $75.00 and gave the company a “buy” rating in a report on Tuesday, May 22nd. Keefe, Bruyette & Woods lowered Progressive from an “outperform” rating to a “market perform” rating and set a $45.00 target price on the stock. in a report on Thursday, May 17th. Finally, B. Riley upped their price objective on shares of Progressive from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $62.36.

In other Progressive news, insider William M. Cody sold 50,000 shares of Progressive stock in a transaction on Monday, August 20th. The shares were sold at an average price of $66.90, for a total value of $3,345,000.00. Following the transaction, the insider now owns 116,838 shares in the company, valued at approximately $7,816,462.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of Progressive stock in a transaction on Thursday, June 14th. The shares were sold at an average price of $62.40, for a total transaction of $748,800.00. Following the completion of the transaction, the chief financial officer now owns 364,423 shares in the company, valued at approximately $22,739,995.20. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 106,103 shares of company stock worth $6,837,205. 0.70% of the stock is owned by company insiders.

About Progressive

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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