Marshall Wace LLP Sells 172,798 Shares of Progressive Corp (PGR)

Marshall Wace LLP lessened its stake in shares of Progressive Corp (NYSE:PGR) by 36.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 299,169 shares of the insurance provider’s stock after selling 172,798 shares during the quarter. Marshall Wace LLP’s holdings in Progressive were worth $21,253,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. The Manufacturers Life Insurance Company boosted its position in Progressive by 493.1% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 3,228,119 shares of the insurance provider’s stock valued at $229,325,000 after acquiring an additional 2,683,854 shares in the last quarter. BlackRock Inc. boosted its position in Progressive by 5.2% during the 3rd quarter. BlackRock Inc. now owns 41,533,608 shares of the insurance provider’s stock valued at $2,950,547,000 after acquiring an additional 2,048,705 shares in the last quarter. American Century Companies Inc. boosted its position in Progressive by 41,010.3% during the 3rd quarter. American Century Companies Inc. now owns 1,720,055 shares of the insurance provider’s stock valued at $122,193,000 after acquiring an additional 1,715,871 shares in the last quarter. Millennium Management LLC boosted its position in Progressive by 174.1% during the 2nd quarter. Millennium Management LLC now owns 2,518,308 shares of the insurance provider’s stock valued at $148,958,000 after acquiring an additional 1,599,598 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in Progressive by 20.0% during the 3rd quarter. Renaissance Technologies LLC now owns 8,511,700 shares of the insurance provider’s stock valued at $604,671,000 after acquiring an additional 1,416,800 shares in the last quarter. 80.24% of the stock is currently owned by institutional investors and hedge funds.

PGR has been the subject of a number of recent analyst reports. Credit Suisse Group set a $79.00 price objective on Progressive and gave the stock a “buy” rating in a research report on Tuesday, October 9th. UBS Group raised their price objective on Progressive from $70.00 to $78.00 and gave the stock a “buy” rating in a research report on Wednesday, September 19th. MKM Partners raised their price objective on Progressive to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, September 26th. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, September 4th. Finally, Wells Fargo & Co set a $64.00 price objective on Progressive and gave the stock a “hold” rating in a research report on Thursday, September 13th. One analyst has rated the stock with a sell rating, eight have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus target price of $70.93.

Progressive stock opened at $63.42 on Friday. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $37.76 billion, a PE ratio of 24.11, a price-to-earnings-growth ratio of 1.86 and a beta of 0.68. Progressive Corp has a 1-year low of $50.79 and a 1-year high of $73.69.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.43. The firm had revenue of $8.60 billion during the quarter, compared to analysts’ expectations of $8.43 billion. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The business’s quarterly revenue was up 20.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.38 EPS. As a group, equities research analysts expect that Progressive Corp will post 4.75 EPS for the current fiscal year.

In related news, insider John A. Barbagallo sold 50,000 shares of the firm’s stock in a transaction on Friday, October 26th. The stock was sold at an average price of $68.02, for a total value of $3,401,000.00. Following the completion of the transaction, the insider now owns 177,368 shares in the company, valued at approximately $12,064,571.36. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $64.87, for a total value of $817,362.00. Following the completion of the transaction, the insider now owns 253,256 shares of the company’s stock, valued at approximately $16,428,716.72. The disclosure for this sale can be found here. Company insiders own 0.70% of the company’s stock.

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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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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