Northwestern Mutual Investment Management Company LLC Sells 95,164 Shares of Progressive Corporation (The) (PGR)

Northwestern Mutual Investment Management Company LLC lessened its stake in shares of Progressive Corporation (The) (NYSE:PGR) by 81.1% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 22,241 shares of the insurance provider’s stock after selling 95,164 shares during the quarter. Northwestern Mutual Investment Management Company LLC’s holdings in Progressive Corporation (The) were worth $745,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors also recently bought and sold shares of the company. Cypress Capital Management LLC WY purchased a new stake in Progressive Corporation (The) during the 2nd quarter worth about $106,000. IFP Advisors Inc increased its position in Progressive Corporation (The) by 12.9% during the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after purchasing an additional 341 shares in the last quarter. Cornerstone Advisors Inc. increased its position in Progressive Corporation (The) by 4.1% during the 2nd quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after purchasing an additional 133 shares in the last quarter. Dupont Capital Management Corp acquired a new stake in Progressive Corporation (The) in the 2nd quarter worth about $186,000. Finally, TRUE Private Wealth Advisors acquired a new stake in Progressive Corporation (The) in the 2nd quarter worth about $200,000. Hedge funds and other institutional investors own 79.41% of the company’s stock.

Shares of Progressive Corporation (NYSE PGR) opened at 46.02 on Friday. Progressive Corporation has a 12-month low of $30.63 and a 12-month high of $49.01. The firm’s 50-day moving average price is $47.14 and its 200 day moving average price is $43.13. The stock has a market capitalization of $26.74 billion, a P/E ratio of 19.58 and a beta of 0.88.

Progressive Corporation (The) (NYSE:PGR) last announced its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The business had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.78 billion. During the same quarter in the previous year, the company earned $0.33 EPS. Progressive Corporation (The)’s revenue for the quarter was up 13.7% compared to the same quarter last year. Analysts predict that Progressive Corporation will post $2.47 EPS for the current fiscal year.

In related news, Director Jeffrey D. Kelly sold 20,000 shares of the stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $44.52, for a total transaction of $890,400.00. Following the completion of the sale, the director now owns 59,963 shares in the company, valued at approximately $2,669,552.76. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO John P. Sauerland sold 50,000 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $48.65, for a total value of $2,432,500.00. Following the sale, the chief financial officer now owns 370,364 shares of the company’s stock, valued at approximately $18,018,208.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 106,250 shares of company stock valued at $5,086,913. 0.56% of the stock is owned by corporate insiders.

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A number of analysts have issued reports on PGR shares. Wells Fargo & Company reissued a “hold” rating and issued a $45.00 price target on shares of Progressive Corporation (The) in a research note on Tuesday, July 18th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 price target (up from $40.00) on shares of Progressive Corporation (The) in a research note on Friday, July 7th. BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. ValuEngine raised Progressive Corporation (The) from a “hold” rating to a “buy” rating in a research note on Friday, September 1st. Finally, Barclays PLC lifted their price objective on Progressive Corporation (The) from $35.00 to $39.00 and gave the company an “underweight” rating in a research note on Monday, July 3rd. Three research analysts have rated the stock with a sell rating, five have issued a hold rating, six have given a buy rating and three have given a strong buy rating to the company. The company has an average rating of “Buy” and an average target price of $44.87.

Progressive Corporation (The) Company Profile

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.

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

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