203,230 Shares in Progressive Corporation (The) (PGR) Acquired by Karp Capital Management Corp

Karp Capital Management Corp bought a new position in Progressive Corporation (The) (NYSE:PGR) during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm bought 203,230 shares of the insurance provider’s stock, valued at approximately $7,963,000.

A number of other hedge funds also recently added to or reduced their stakes in the company. Teza Capital Management LLC bought a new stake in Progressive Corporation (The) during the first quarter worth approximately $2,030,000. Intrust Bank NA bought a new stake in Progressive Corporation (The) during the first quarter worth approximately $205,000. Meadow Creek Investment Management LLC boosted its stake in Progressive Corporation (The) by 2.4% in the first quarter. Meadow Creek Investment Management LLC now owns 31,284 shares of the insurance provider’s stock worth $1,226,000 after buying an additional 726 shares during the period. British Columbia Investment Management Corp boosted its stake in Progressive Corporation (The) by 14.0% in the first quarter. British Columbia Investment Management Corp now owns 334,792 shares of the insurance provider’s stock worth $13,117,000 after buying an additional 41,158 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its stake in Progressive Corporation (The) by 10.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,616,026 shares of the insurance provider’s stock worth $63,316,000 after buying an additional 147,842 shares during the period. Institutional investors own 79.45% of the company’s stock.

Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

Progressive Corporation (NYSE PGR) traded up 0.20% during trading on Friday, hitting $44.83. 3,083,921 shares of the stock traded hands. Progressive Corporation has a 12 month low of $30.54 and a 12 month high of $44.88. The firm’s 50-day moving average is $41.79 and its 200-day moving average is $38.67. The stock has a market cap of $26.04 billion, a P/E ratio of 21.88 and a beta of 0.80.

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings results on Tuesday, April 18th. The insurance provider reported $0.67 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by $0.01. Progressive Corporation (The) had a return on equity of 13.99% and a net margin of 4.95%. The company had revenue of $6.49 billion for the quarter, compared to analysts’ expectations of $6.49 billion. During the same quarter last year, the company earned $0.44 EPS. Progressive Corporation (The)’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, analysts forecast that Progressive Corporation will post $2.37 EPS for the current year.

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A number of analysts recently commented on the stock. Bank of America Corporation lifted their target price on shares of Progressive Corporation (The) from $48.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a research note on Wednesday. MKM Partners reiterated a “buy” rating and issued a $50.00 target price (up from $45.00) on shares of Progressive Corporation (The) in a research note on Friday, June 9th. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $48.00 target price on shares of Progressive Corporation (The) in a research note on Thursday, May 18th. Finally, Deutsche Bank AG raised shares of Progressive Corporation (The) from a “sell” rating to a “hold” rating and raised their price target for the stock from $35.00 to $40.00 in a research report on Wednesday, May 17th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and five have assigned a buy rating to the company. The company currently has an average rating of “Hold” and a consensus price target of $39.85.

In other news, insider Steven Broz sold 1,100 shares of the company’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $41.55, for a total transaction of $45,705.00. Following the completion of the sale, the insider now owns 8,955 shares in the company, valued at $372,080.25. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.56% of the stock is owned by corporate insiders.

About Progressive Corporation (The)

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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