OLD National Bancorp IN cut its stake in shares of Progressive Corp (NYSE:PGR) by 2.1% in the second quarter, Holdings Channel reports. The fund owned 106,099 shares of the insurance provider’s stock after selling 2,267 shares during the period. OLD National Bancorp IN’s holdings in Progressive were worth $8,480,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of PGR. Norges Bank bought a new position in shares of Progressive during the fourth quarter valued at $346,597,000. Amundi Pioneer Asset Management Inc. lifted its holdings in shares of Progressive by 106.0% during the first quarter. Amundi Pioneer Asset Management Inc. now owns 5,112,626 shares of the insurance provider’s stock valued at $368,569,000 after acquiring an additional 2,631,367 shares during the period. PNC Financial Services Group Inc. lifted its holdings in shares of Progressive by 266.9% during the first quarter. PNC Financial Services Group Inc. now owns 1,907,393 shares of the insurance provider’s stock valued at $137,505,000 after acquiring an additional 1,387,591 shares during the period. AGF Investments Inc. bought a new position in shares of Progressive during the first quarter valued at $59,119,000. Finally, California Public Employees Retirement System lifted its holdings in shares of Progressive by 23.2% during the first quarter. California Public Employees Retirement System now owns 3,875,237 shares of the insurance provider’s stock valued at $279,366,000 after acquiring an additional 730,118 shares during the period. 79.12% of the stock is owned by institutional investors.

In other news, insider M Jeffrey Charney sold 7,202 shares of the firm’s stock in a transaction on Monday, April 29th. The stock was sold at an average price of $76.61, for a total value of $551,745.22. Following the completion of the sale, the insider now directly owns 120,102 shares in the company, valued at $9,201,014.22. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Susan Patricia Griffith sold 22,500 shares of the firm’s stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $78.01, for a total value of $1,755,225.00. Following the completion of the sale, the insider now owns 250,162 shares of the company’s stock, valued at $19,515,137.62. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 68,350 shares of company stock valued at $5,383,467. 0.39% of the stock is currently owned by corporate insiders.

A number of brokerages have issued reports on PGR. Barclays reissued a “buy” rating and set a $65.00 price objective on shares of Owens Corning in a report on Monday, July 1st. UBS Group set a $25.00 price objective on Macy’s and gave the company a “hold” rating in a report on Friday, May 17th. Zacks Investment Research raised GALP ENERGIA SG/ADR from a “sell” rating to a “hold” rating in a report on Monday, May 27th. Credit Suisse Group reissued an “underperform” rating on shares of MARKS & SPENCER/S in a report on Wednesday, April 17th. Finally, B. Riley set a $18.00 price objective on TiVo and gave the company a “buy” rating in a report on Thursday, June 13th. Six analysts have rated the stock with a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Progressive has an average rating of “Buy” and an average target price of $82.33.

Shares of NYSE:PGR opened at $81.70 on Friday. Progressive Corp has a twelve month low of $56.71 and a twelve month high of $84.96. The firm has a market capitalization of $47.71 billion, a price-to-earnings ratio of 18.48, a PEG ratio of 2.08 and a beta of 0.69. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.40 and a current ratio of 0.41. The firm has a fifty day simple moving average of $81.86.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, July 17th. The insurance provider reported $1.66 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.43 by $0.23. Progressive had a return on equity of 27.82% and a net margin of 9.19%. The company had revenue of $9.13 billion during the quarter, compared to analyst estimates of $9.13 billion. During the same period last year, the company posted $1.19 earnings per share. The firm’s quarterly revenue was up 12.7% compared to the same quarter last year. On average, analysts predict that Progressive Corp will post 5.36 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Monday, July 15th. Stockholders of record on Friday, July 5th were paid a $0.10 dividend. The ex-dividend date was Wednesday, July 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.49%. Progressive’s dividend payout ratio (DPR) is presently 9.05%.

Progressive Company 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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