Pioneer Investment Management Inc. decreased its stake in shares of Progressive Corporation (The) (NYSE:PGR) by 49.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 23,902 shares of the insurance provider’s stock after selling 23,186 shares during the period. Pioneer Investment Management Inc.’s holdings in Progressive Corporation (The) were worth $1,054,000 at the end of the most recent reporting period.

Several other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. raised its position in shares of 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 valued at $1,406,446,000 after buying an additional 34,666,678 shares during the period. Bank of Montreal Can raised its position in shares of 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 valued at $123,034,000 after buying an additional 2,082,834 shares during the period. TimesSquare Capital Management LLC raised its position in shares of 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 valued at $180,452,000 after buying an additional 1,935,415 shares during the period. Vanguard Group Inc. raised its position in shares of 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 valued at $1,471,278,000 after buying an additional 1,357,926 shares during the period. Finally, Assenagon Asset Management S.A. purchased a new position in shares of Progressive Corporation (The) during the first quarter valued at about $51,953,000. 80.32% of the stock is currently owned by institutional investors and hedge funds.

Shares of Progressive Corporation (NYSE:PGR) opened at 47.59 on Wednesday. The company has a market capitalization of $27.65 billion, a P/E ratio of 20.25 and a beta of 0.86. The firm has a 50 day moving average price of $46.13 and a 200 day moving average price of $41.76. Progressive Corporation has a one year low of $30.54 and a one year high of $48.04.

Progressive Corporation (The) (NYSE:PGR) last announced its quarterly earnings data on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by $0.01. The business had revenue of $6.75 billion during the quarter, compared to analyst estimates of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The firm’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.33 earnings per share. On average, equities research analysts predict that Progressive Corporation will post $2.43 EPS for the current fiscal year.

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PGR has been the topic of several research reports. Wells Fargo & Company reaffirmed a “hold” rating on shares of Progressive Corporation (The) in a research note on Tuesday, April 18th. BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Morgan Stanley reissued an “equal weight” rating and issued a $43.00 target price (up previously from $40.00) on shares of Progressive Corporation (The) in a research note on Friday, July 7th. Zacks Investment Research lowered Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research note on Friday, April 21st. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $48.00 target price on shares of Progressive Corporation (The) in a research note on Thursday, May 18th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $44.93.

In other news, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction dated Friday, June 16th. The stock was sold at an average price of $44.65, for a total value of $2,232,500.00. Following the transaction, the insider now directly owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Jeffrey D. Kelly sold 20,000 shares of the business’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $44.52, for a total value of $890,400.00. Following the completion of the transaction, the director now directly owns 59,963 shares in the company, valued at $2,669,552.76. The disclosure for this sale can be found here. Insiders sold a total of 71,100 shares of company stock worth $3,168,605 over the last three months. 0.56% of the stock is owned by company 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.

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

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