Soros Fund Management LLC lowered its stake in shares of Progressive Corp (NYSE:PGR) by 27.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 184,881 shares of the insurance provider’s stock after selling 70,552 shares during the quarter. Soros Fund Management LLC’s holdings in Progressive were worth $10,936,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. BlackRock Inc. boosted its position in Progressive by 1.7% in the first quarter. BlackRock Inc. now owns 39,414,036 shares of the insurance provider’s stock valued at $2,401,497,000 after buying an additional 644,100 shares during the last quarter. Artisan Partners Limited Partnership increased its stake in shares of Progressive by 5.1% in the 2nd quarter. Artisan Partners Limited Partnership now owns 17,946,090 shares of the insurance provider’s stock worth $1,061,511,000 after acquiring an additional 864,700 shares during the last quarter. Janus Henderson Group PLC grew its holdings in shares of Progressive by 10.2% during the 2nd quarter. Janus Henderson Group PLC now owns 12,095,573 shares of the insurance provider’s stock worth $715,456,000 after purchasing an additional 1,122,013 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Progressive by 16.2% during the 1st quarter. JPMorgan Chase & Co. now owns 11,676,418 shares of the insurance provider’s stock worth $711,444,000 after purchasing an additional 1,630,692 shares during the period. Finally, Renaissance Technologies LLC grew its holdings in shares of Progressive by 19.6% during the 2nd quarter. Renaissance Technologies LLC now owns 7,094,900 shares of the insurance provider’s stock worth $419,663,000 after purchasing an additional 1,163,500 shares during the period. Hedge funds and other institutional investors own 80.24% of the company’s stock.

Shares of Progressive stock opened at $68.45 on Friday. Progressive Corp has a 12 month low of $45.43 and a 12 month high of $69.01. The stock has a market cap of $39.82 billion, a P/E ratio of 26.03, a PEG ratio of 2.07 and a beta of 0.70. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.43 and a quick ratio of 0.43.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, July 17th. The insurance provider reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.08 by $0.11. Progressive had a return on equity of 21.84% and a net margin of 7.57%. The company had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $8.01 billion. During the same period last year, the business posted $0.63 EPS. Progressive’s revenue for the quarter was up 20.0% on a year-over-year basis. equities analysts expect that Progressive Corp will post 4.5 EPS for the current fiscal year.

A number of research firms have recently weighed in on PGR. B. Riley increased their price target on Progressive from $60.00 to $68.00 and gave the stock a “neutral” rating in a report on Tuesday, August 7th. Argus upgraded Progressive from a “hold” rating to a “buy” rating and set a $68.00 price target for the company in a report on Friday, July 27th. Wells Fargo & Co set a $64.00 price target on Progressive and gave the stock a “hold” rating in a report on Thursday. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Progressive in a report on Thursday, May 31st. Finally, MKM Partners increased their price target on Progressive to $75.00 and gave the stock a “buy” rating in a report on Tuesday, May 22nd. Two equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the stock. Progressive currently has a consensus rating of “Hold” and an average target price of $62.36.

In related news, insider William M. Cody sold 50,000 shares of the firm’s stock in a transaction dated Monday, August 20th. The stock was sold at an average price of $66.90, for a total transaction of $3,345,000.00. Following the completion of the transaction, the insider now directly owns 116,838 shares in the company, valued at approximately $7,816,462.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Wednesday, July 18th. The shares were sold at an average price of $59.33, for a total value of $711,960.00. Following the transaction, the chief financial officer now owns 455,377 shares of the company’s stock, valued at $27,017,517.41. The disclosure for this sale can be found here. Insiders have sold a total of 94,103 shares of company stock valued at $6,088,405 over the last 90 days. 0.70% of the stock is currently owned by company insiders.

Progressive Company Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

Further Reading: Average Daily Trade Volume – What You Need to Know

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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