BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp raised its stake in Progressive Corporation (The) (NYSE:PGR) by 0.6% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 336,687 shares of the insurance provider’s stock after buying an additional 1,895 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Progressive Corporation (The) were worth $14,845,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Creative Planning boosted its stake in shares of Progressive Corporation (The) by 109.0% in the first quarter. Creative Planning now owns 5,700 shares of the insurance provider’s stock valued at $223,000 after buying an additional 2,973 shares during the period. Blair William & Co. IL boosted its stake in shares of Progressive Corporation (The) by 327.8% in the first quarter. Blair William & Co. IL now owns 709,836 shares of the insurance provider’s stock valued at $27,811,000 after buying an additional 543,916 shares during the period. Vanguard Group Inc. boosted its stake 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. Wetherby Asset Management Inc. boosted its stake in shares of Progressive Corporation (The) by 2.3% in the first quarter. Wetherby Asset Management Inc. now owns 16,188 shares of the insurance provider’s stock valued at $634,000 after buying an additional 368 shares during the period. Finally, Zurcher Kantonalbank Zurich Cantonalbank boosted its stake in shares of Progressive Corporation (The) by 158.4% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 370,987 shares of the insurance provider’s stock valued at $14,535,000 after buying an additional 227,438 shares during the period. 80.32% of the stock is owned by institutional investors and hedge funds.

Progressive Corporation (NYSE PGR) opened at 47.59 on Wednesday. The firm’s 50-day moving average price is $46.13 and its 200 day moving average price is $41.76. The company has a market capitalization of $27.65 billion, a price-to-earnings ratio of 20.25 and a beta of 0.86. Progressive Corporation has a 12-month low of $30.54 and a 12-month high of $48.04.

Progressive Corporation (The) (NYSE:PGR) last released its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.60 by $0.01. The firm had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.78 billion. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. Progressive Corporation (The)’s revenue for the quarter was up 13.7% on a year-over-year basis. During the same quarter last year, the company posted $0.33 EPS. On average, equities research analysts expect that Progressive Corporation will post $2.43 EPS for the current fiscal year.

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PGR has been the subject of several recent analyst reports. Deutsche Bank AG raised Progressive Corporation (The) from a “sell” rating to a “hold” rating and raised their target price for the stock from $35.00 to $40.00 in a research report on Wednesday, May 17th. Morgan Stanley reissued an “equal weight” rating and set a $47.00 price objective (up previously from $43.00) on shares of Progressive Corporation (The) in a research report on Saturday, July 22nd. BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. Wells Fargo & Company reissued a “hold” rating on shares of Progressive Corporation (The) in a research report on Tuesday, April 18th. Finally, Zacks Investment Research raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research report on Monday, June 19th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating, six have given a buy rating and three have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $44.93.

In other news, insider William M. Cody sold 50,000 shares of the stock in a transaction dated 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 completion of the transaction, the insider now directly owns 151,051 shares in the company, valued at approximately $6,744,427.15. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Jeffrey D. Kelly sold 20,000 shares of the stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $44.52, for a total transaction of $890,400.00. Following the transaction, the director now owns 59,963 shares of the company’s stock, valued at $2,669,552.76. The disclosure for this sale can be found here. In the last quarter, insiders have sold 71,100 shares of company stock valued at $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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