Glenmede Trust Co. NA grew its holdings in shares of Progressive Corp (NYSE:PGR) by 234.2% during the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 553,720 shares of the insurance provider’s stock after buying an additional 388,047 shares during the period. Glenmede Trust Co. NA owned approximately 0.10% of Progressive worth $32,752,000 as of its most recent filing with the SEC.

Other institutional investors have also bought and sold shares of the company. Massachusetts Financial Services Co. MA acquired a new position in shares of Progressive during the first quarter worth approximately $359,000. US Bancorp DE raised its position in shares of Progressive by 11.1% during the first quarter. US Bancorp DE now owns 78,652 shares of the insurance provider’s stock worth $4,793,000 after purchasing an additional 7,842 shares during the period. KBC Group NV raised its position in shares of Progressive by 9.4% during the first quarter. KBC Group NV now owns 56,559 shares of the insurance provider’s stock worth $3,446,000 after purchasing an additional 4,858 shares during the period. Cetera Advisor Networks LLC acquired a new position in shares of Progressive during the first quarter worth approximately $208,000. Finally, Cetera Advisors LLC acquired a new position in shares of Progressive during the first quarter worth approximately $349,000. Hedge funds and other institutional investors own 80.26% of the company’s stock.

In other news, insider John Jo Murphy sold 7,503 shares of the firm’s stock in a transaction on Wednesday, July 18th. The stock was sold at an average price of $60.28, for a total transaction of $452,280.84. Following the completion of the sale, the insider now directly owns 41,722 shares of the company’s stock, valued at approximately $2,515,002.16. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction on Wednesday, July 18th. The shares were sold at an average price of $59.33, for a total value of $711,960.00. Following the sale, the chief financial officer now directly owns 455,377 shares of the company’s stock, valued at $27,017,517.41. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 94,103 shares of company stock valued at $6,088,405. Insiders own 0.70% of the company’s stock.

A number of brokerages have recently weighed in on PGR. Citigroup upped their target price on Progressive from $70.00 to $73.00 and gave the stock a “neutral” rating in a research report on Friday. Argus raised Progressive from a “hold” rating to a “buy” rating and set a $68.00 target price on the stock in a research report on Friday, July 27th. Credit Suisse Group set a $79.00 target price on Progressive and gave the stock a “buy” rating in a research report on Tuesday. B. Riley upped their target price on Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 7th. Finally, Wells Fargo & Co set a $64.00 target price on Progressive and gave the stock a “hold” rating in a research report on Tuesday, July 17th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $65.29.

NYSE PGR traded down $0.11 on Friday, reaching $66.86. The company had a trading volume of 4,787,345 shares, compared to its average volume of 3,374,720. The firm has a market capitalization of $41.38 billion, a P/E ratio of 25.42, a PEG ratio of 2.14 and a beta of 0.67. Progressive Corp has a 52-week low of $47.89 and a 52-week high of $72.02. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The business had revenue of $8.10 billion during the quarter, compared to analyst estimates of $8.01 billion. During the same period in the prior year, the firm posted $0.63 EPS. Progressive’s quarterly revenue was up 20.0% compared to the same quarter last year. As a group, sell-side analysts predict that Progressive Corp will post 4.54 EPS for the current fiscal year.

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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