Progressive Corporation (The) (PGR) Position Reduced by Wilbanks Smith & Thomas Asset Management LLC

Wilbanks Smith & Thomas Asset Management LLC lessened its stake in Progressive Corporation (The) (NYSE:PGR) by 36.0% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 6,316 shares of the insurance provider’s stock after selling 3,550 shares during the period. Wilbanks Smith & Thomas Asset Management LLC’s holdings in Progressive Corporation (The) were worth $278,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of PGR. BlackRock Inc. increased its stake in Progressive Corporation (The) by 2,817.6% in the 1st quarter. BlackRock Inc. now owns 35,897,019 shares of the insurance provider’s stock worth $1,406,446,000 after buying an additional 34,666,678 shares during the period. Janus Henderson Group PLC increased its position in Progressive Corporation (The) by 8,999.0% during the 2nd quarter. Janus Henderson Group PLC now owns 6,472,777 shares of the insurance provider’s stock valued at $285,384,000 after purchasing an additional 6,401,640 shares during the period. William Blair Investment Management LLC increased its position in Progressive Corporation (The) by 24,360.1% during the 2nd quarter. William Blair Investment Management LLC now owns 4,799,062 shares of the insurance provider’s stock valued at $211,591,000 after purchasing an additional 4,779,442 shares during the period. Artisan Partners Limited Partnership increased its position in Progressive Corporation (The) by 40.4% during the 2nd quarter. Artisan Partners Limited Partnership now owns 11,586,365 shares of the insurance provider’s stock valued at $510,843,000 after purchasing an additional 3,332,180 shares during the period. Finally, Voya Investment Management LLC increased its position in Progressive Corporation (The) by 515.0% during the 2nd quarter. Voya Investment Management LLC now owns 2,665,312 shares of the insurance provider’s stock valued at $117,514,000 after purchasing an additional 2,231,956 shares during the period. 79.41% of the stock is currently owned by institutional investors.

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A number of research analysts have commented on the stock. ValuEngine downgraded shares of Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. BidaskClub raised shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 11th. Citigroup Inc. raised their target price on shares of Progressive Corporation (The) from $49.00 to $50.00 and gave the company a “neutral” rating in a research report on Thursday, August 17th. Wells Fargo & Company reissued a “hold” rating on shares of Progressive Corporation (The) in a research report on Thursday, August 3rd. Finally, Zacks Investment Research raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Wednesday, August 2nd. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $46.00.

Progressive Corporation (The) (NYSE:PGR) last announced its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.01). The company had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The business’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 earnings per share.

In other Progressive Corporation (The) news, insider Susan Patricia Griffith sold 35,000 shares of the stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $48.66, for a total value of $1,703,100.00. Following the transaction, the insider now directly owns 221,715 shares in the company, valued at $10,788,651.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible 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 transaction of $2,432,500.00. Following the completion of the transaction, the chief financial officer now owns 370,364 shares in the company, valued at $18,018,208.60. The disclosure for this sale can be found here. Insiders sold 86,250 shares of company stock worth $4,196,513 over the last quarter. 0.56% of the stock is currently owned by insiders.

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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