Skylands Capital LLC Takes Position in Progressive Corporation (The) (NYSE:PGR)

Skylands Capital LLC purchased a new position in Progressive Corporation (The) (NYSE:PGR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 14,050 shares of the insurance provider’s stock, valued at approximately $619,000.

A number of other institutional investors have also bought and sold shares of the company. BlackRock Inc. boosted its position in Progressive Corporation (The) by 2,817.6% in the first 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 last quarter. Bank of Montreal Can boosted its position in Progressive Corporation (The) by 294.3% in the second quarter. Bank of Montreal Can now owns 2,790,503 shares of the insurance provider’s stock worth $123,034,000 after buying an additional 2,082,834 shares during the last quarter. TimesSquare Capital Management LLC boosted its position in Progressive Corporation (The) by 72.5% in the first quarter. TimesSquare Capital Management LLC now owns 4,605,710 shares of the insurance provider’s stock worth $180,452,000 after buying an additional 1,935,415 shares during the last quarter. Vanguard Group Inc. boosted its position in Progressive Corporation (The) by 3.8% in the first quarter. Vanguard Group Inc. now owns 37,551,768 shares of the insurance provider’s stock worth $1,471,278,000 after buying an additional 1,357,926 shares during the last quarter. Finally, Assenagon Asset Management S.A. acquired a new position in Progressive Corporation (The) during the first quarter worth approximately $51,953,000. Institutional investors and hedge funds own 79.45% of the company’s stock.

Progressive Corporation (NYSE PGR) traded up 0.37% during mid-day trading on Monday, hitting $46.53. 160,597 shares of the company’s stock were exchanged. The stock has a market cap of $27.03 billion, a PE ratio of 19.80 and a beta of 0.85. Progressive Corporation has a 12 month low of $30.54 and a 12 month high of $46.62. The stock’s 50 day moving average price is $44.38 and its 200-day moving average price is $40.36.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the Thomson Reuters’ 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 net margin of 5.50% and a return on equity of 15.62%. The business’s quarterly revenue was up 13.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.33 EPS. Equities analysts expect that Progressive Corporation will post $2.40 EPS for the current fiscal year.

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PGR has been the subject of a number of research analyst reports. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a report on Tuesday, April 18th. BidaskClub upgraded Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. Zacks Investment Research cut Progressive Corporation (The) from a “buy” rating to a “hold” rating in a report on Friday, April 21st. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $48.00 price target on shares of Progressive Corporation (The) in a report on Thursday, May 18th. Finally, Deutsche Bank AG upgraded Progressive Corporation (The) from a “sell” rating to a “hold” rating and lifted their price target for the stock from $35.00 to $40.00 in a report on Wednesday, May 17th. Two analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus target price of $44.57.

In other news, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction on Friday, June 16th. The shares were sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the sale, the insider now owns 151,051 shares in the company, valued at approximately $6,744,427.15. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 1,100 shares of the firm’s stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $41.55, for a total transaction of $45,705.00. Following the sale, the insider now owns 8,955 shares in the company, valued at approximately $372,080.25. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 71,100 shares of company stock worth $3,168,605. Corporate insiders own 0.56% of the company’s stock.

About Progressive Corporation (The)

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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