Ontario Teachers Pension Plan Board Sells 3,187,024 Shares of The Progressive Co. (NYSE:PGR)
Ontario Teachers Pension Plan Board lessened its position in shares of The Progressive Co. (NYSE:PGR – Free Report) by 99.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,242 shares of the insurance provider’s stock after selling 3,187,024 shares during the quarter. Ontario Teachers Pension Plan Board’s holdings in Progressive were worth $297,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Markel Corp boosted its position in shares of Progressive by 4.1% during the 1st quarter. Markel Corp now owns 750,750 shares of the insurance provider’s stock valued at $85,578,000 after acquiring an additional 29,750 shares in the last quarter. Roundview Capital LLC lifted its stake in Progressive by 0.8% during the first quarter. Roundview Capital LLC now owns 49,086 shares of the insurance provider’s stock worth $5,595,000 after purchasing an additional 381 shares during the period. Cibc World Market Inc. boosted its holdings in Progressive by 3.9% during the first quarter. Cibc World Market Inc. now owns 6,693 shares of the insurance provider’s stock valued at $763,000 after purchasing an additional 254 shares in the last quarter. Moors & Cabot Inc. grew its stake in shares of Progressive by 8.0% in the 1st quarter. Moors & Cabot Inc. now owns 3,081 shares of the insurance provider’s stock valued at $351,000 after purchasing an additional 228 shares during the period. Finally, Sequoia Financial Advisors LLC raised its holdings in shares of Progressive by 103.5% in the 1st quarter. Sequoia Financial Advisors LLC now owns 7,022 shares of the insurance provider’s stock worth $800,000 after buying an additional 3,571 shares in the last quarter. 83.66% of the stock is currently owned by institutional investors.
Progressive Stock Performance
PGR stock opened at $162.46 on Monday. The business’s 50-day moving average price is $154.11 and its two-hundred day moving average price is $139.04. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $164.85. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.41. The firm has a market cap of $95.05 billion, a PE ratio of 35.24, a P/E/G ratio of 1.16 and a beta of 0.42.
Progressive (NYSE:PGR – Get Free Report) last issued its quarterly earnings results on Friday, October 13th. The insurance provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.38. The company had revenue of $15.71 billion during the quarter, compared to analysts’ expectations of $15.66 billion. Progressive had a net margin of 4.67% and a return on equity of 17.36%. As a group, research analysts forecast that The Progressive Co. will post 5.44 earnings per share for the current year.
Analysts Set New Price Targets
Several analysts recently commented on the company. Jefferies Financial Group boosted their price target on Progressive from $163.00 to $167.00 in a research note on Friday, October 6th. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $135.00 to $145.00 and gave the stock a “market perform” rating in a research note on Tuesday, October 17th. Wells Fargo & Company raised their price target on Progressive from $128.00 to $144.00 and gave the company an “equal weight” rating in a report on Tuesday, October 17th. Citigroup upgraded Progressive from a “sell” rating to a “neutral” rating and increased their target price for the stock from $120.00 to $158.00 in a report on Tuesday, October 17th. Finally, BMO Capital Markets upgraded shares of Progressive from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $155.00 to $180.00 in a research report on Wednesday, October 25th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $161.47.
Get Our Latest Research Report on Progressive
Insider Buying and Selling
In other news, CEO Susan Patricia Griffith sold 90,000 shares of the firm’s stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $162.89, for a total value of $14,660,100.00. Following the completion of the sale, the chief executive officer now directly owns 465,735 shares of the company’s stock, valued at $75,863,574.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, insider Andrew J. Quigg sold 4,052 shares of the company’s stock in a transaction that occurred on Tuesday, November 28th. The stock was sold at an average price of $164.28, for a total value of $665,662.56. Following the transaction, the insider now owns 25,769 shares of the company’s stock, valued at $4,233,331.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 90,000 shares of Progressive stock in a transaction that occurred on Wednesday, November 29th. The stock was sold at an average price of $162.89, for a total value of $14,660,100.00. Following the sale, the chief executive officer now directly owns 465,735 shares of the company’s stock, valued at $75,863,574.15. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 129,342 shares of company stock worth $20,462,071. Company insiders own 0.33% of the company’s stock.
About Progressive (Free Report)
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.
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