Mn Services Vermogensbeheer B.V. Grows Stake in Progressive Corp (PGR)

Mn Services Vermogensbeheer B.V. raised its holdings in shares of Progressive Corp (NYSE:PGR) by 2.1% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 93,394 shares of the insurance provider’s stock after buying an additional 1,900 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Progressive were worth $6,635,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in PGR. Principal Financial Group Inc. grew its holdings in shares of Progressive by 1.0% during the first quarter. Principal Financial Group Inc. now owns 5,043,129 shares of the insurance provider’s stock worth $307,278,000 after buying an additional 47,656 shares in the last quarter. IFM Investors Pty Ltd grew its holdings in shares of Progressive by 41.1% during the second quarter. IFM Investors Pty Ltd now owns 26,140 shares of the insurance provider’s stock worth $1,546,000 after buying an additional 7,620 shares in the last quarter. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Progressive by 85.0% during the second quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 16,328 shares of the insurance provider’s stock worth $966,000 after buying an additional 7,500 shares in the last quarter. State of Alaska Department of Revenue grew its holdings in shares of Progressive by 17.2% during the second quarter. State of Alaska Department of Revenue now owns 103,510 shares of the insurance provider’s stock worth $6,121,000 after buying an additional 15,190 shares in the last quarter. Finally, Trust Co. of Vermont grew its holdings in shares of Progressive by 82.4% during the second quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock worth $119,000 after buying an additional 906 shares in the last quarter. 79.89% of the stock is owned by institutional investors and hedge funds.

In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.25, for a total value of $771,000.00. Following the transaction, the chief financial officer now owns 390,584 shares of the company’s stock, valued at $25,095,022. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider John A. Barbagallo sold 50,000 shares of the company’s stock in a transaction dated Friday, October 26th. The shares were sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the completion of the transaction, the insider now directly owns 177,368 shares in the company, valued at approximately $12,064,571.36. The disclosure for this sale can be found here. Insiders sold 124,600 shares of company stock worth $8,325,164 in the last ninety days. 0.70% of the stock is currently owned by corporate insiders.

Shares of PGR stock opened at $69.73 on Tuesday. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.42 and a current ratio of 0.42. The stock has a market cap of $39.83 billion, a PE ratio of 26.51, a PEG ratio of 1.94 and a beta of 0.71. Progressive Corp has a twelve month low of $49.74 and a twelve month high of $72.72.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, beating the consensus estimate of $1.14 by $0.43. The firm had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company’s revenue was up 20.5% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.38 EPS. As a group, analysts forecast that Progressive Corp will post 4.8 earnings per share for the current year.

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of Progressive from $64.00 to $68.00 and gave the stock a “$60.39” rating in a report on Wednesday, July 18th. Citigroup upped their target price on shares of Progressive from $70.00 to $73.00 and gave the stock a “neutral” rating in a report on Friday, October 12th. ValuEngine raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Thursday, October 18th. B. Riley upped their target price on shares of Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Tuesday, August 7th. Finally, Credit Suisse Group set a $79.00 price target on shares of Progressive and gave the company a “buy” rating in a research report on Monday, October 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $68.64.

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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.

See Also: Exchange-Traded Funds (ETFs)

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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