Municipal Employees Retirement System of Michigan cut its stake in shares of Progressive Corporation (The) (NYSE:PGR) by 68.9% during the second quarter, Holdings Channel reports. The institutional investor owned 18,560 shares of the insurance provider’s stock after selling 41,200 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Progressive Corporation (The) were worth $818,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. raised 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 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 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 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 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. bought a new position in Progressive Corporation (The) during the first quarter valued at approximately $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 47.77 on Tuesday. Progressive Corporation has a one year low of $30.54 and a one year high of $48.04. The stock has a 50 day moving average price of $46.05 and a 200-day moving average price of $41.69. The company has a market capitalization of $27.76 billion, a P/E ratio of 20.33 and a beta of 0.86.

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

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Several equities analysts recently commented on the company. BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Friday. Barclays PLC boosted their price target on Progressive Corporation (The) from $39.00 to $41.00 and gave the stock an “underweight” rating in a research report on Friday. Wells Fargo & Company reissued a “hold” rating on shares of Progressive Corporation (The) in a research report on Thursday, August 3rd. Zacks Investment Research raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a research report on Wednesday, August 2nd. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and set a $48.00 price target on shares of Progressive Corporation (The) in a research report on Tuesday, July 25th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $44.93.

In other Progressive Corporation (The) news, Director Jeffrey D. Kelly sold 20,000 shares of the firm’s stock in a transaction that occurred on Monday, June 26th. The stock was sold at an average price of $44.52, for a total value of $890,400.00. Following the completion of the sale, the director now owns 59,963 shares in the company, valued at approximately $2,669,552.76. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Steven Broz sold 1,100 shares of the firm’s stock in a transaction that occurred on Monday, May 22nd. The stock was sold at an average price of $41.55, for a total value of $45,705.00. Following the completion of the sale, the insider now owns 8,955 shares of the company’s stock, valued at approximately $372,080.25. The disclosure for this sale can be found here. Insiders sold a total of 71,100 shares of company stock valued at $3,168,605 in the last quarter. Corporate insiders own 0.56% of the company’s stock.

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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