Progressive Corporation (The) (PGR) Stake Increased by Bank of Nova Scotia

Bank of Nova Scotia grew its holdings in Progressive Corporation (The) (NYSE:PGR) by 88.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 717,160 shares of the insurance provider’s stock after buying an additional 336,356 shares during the period. Bank of Nova Scotia owned 0.12% of Progressive Corporation (The) worth $31,616,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. National Planning Corp lifted its holdings in Progressive Corporation (The) by 28.0% during the 2nd quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock worth $404,000 after purchasing an additional 1,995 shares during the last quarter. JPMorgan Chase & Co. lifted its holdings in Progressive Corporation (The) by 1.1% during the 2nd quarter. JPMorgan Chase & Co. now owns 7,038,766 shares of the insurance provider’s stock worth $310,340,000 after purchasing an additional 79,773 shares during the last quarter. Vanguard Group Inc. lifted its holdings in Progressive Corporation (The) by 3.8% during the 1st quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock worth $1,471,278,000 after purchasing an additional 1,357,926 shares during the last quarter. Great Lakes Advisors LLC lifted its holdings in Progressive Corporation (The) by 2.0% during the 2nd quarter. Great Lakes Advisors LLC now owns 15,225 shares of the insurance provider’s stock worth $671,000 after purchasing an additional 295 shares during the last quarter. Finally, Swiss National Bank lifted its holdings in Progressive Corporation (The) by 3.2% during the 2nd quarter. Swiss National Bank now owns 2,122,034 shares of the insurance provider’s stock worth $93,560,000 after purchasing an additional 65,900 shares during the last quarter. 79.41% of the stock is owned by institutional investors.

In related news, insider Steven Broz sold 1,250 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total value of $60,912.50. Following the sale, the insider now owns 12,181 shares in the company, valued at $593,580.13. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 50,000 shares of the stock in a transaction on Thursday, August 17th. The stock was sold at an average price of $48.65, for a total value of $2,432,500.00. Following the completion of the sale, the chief financial officer now owns 370,364 shares in the company, valued at approximately $18,018,208.60. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 86,250 shares of company stock worth $4,196,513. Company insiders own 0.56% of the company’s stock.

Several research firms recently weighed in on PGR. ValuEngine cut Progressive Corporation (The) from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Citigroup Inc. lifted their price target on Progressive Corporation (The) from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 17th. MKM Partners reissued a “buy” rating on shares of Progressive Corporation (The) in a report on Monday, September 25th. Barclays PLC lifted their price target on Progressive Corporation (The) from $39.00 to $41.00 and gave the stock an “underweight” rating in a report on Friday, August 11th. Finally, BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a report on Friday, August 11th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and two have given a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $46.00.

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Progressive Corporation (PGR) traded down 0.71% during trading on Wednesday, reaching $49.02. The company’s stock had a trading volume of 442,526 shares. Progressive Corporation has a 12 month low of $30.99 and a 12 month high of $49.75. The stock’s 50 day moving average is $47.41 and its 200 day moving average is $44.24. The company has a market cap of $28.52 billion, a price-to-earnings ratio of 20.77 and a beta of 0.87.

Progressive Corporation (The) (NYSE:PGR) last posted its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.01). The company had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.78 billion. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The company’s revenue was up 13.7% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.33 EPS. On average, equities analysts expect that Progressive Corporation will post $2.31 EPS for the current fiscal year.

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.

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




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