Smith Asset Management Group LP bought a new stake in shares of Progressive Corporation (The) (NYSE:PGR) during the second quarter, Holdings Channel reports. The institutional investor bought 988,770 shares of the insurance provider’s stock, valued at approximately $43,595,000. Progressive Corporation (The) accounts for about 1.3% of Smith Asset Management Group LP’s investment portfolio, making the stock its 18th largest position.

Several other institutional investors have also recently added to or reduced their stakes in the stock. Teacher Retirement System of Texas increased its position in Progressive Corporation (The) by 556.1% in the second quarter. Teacher Retirement System of Texas now owns 130,673 shares of the insurance provider’s stock valued at $5,761,000 after buying an additional 110,757 shares during the period. DekaBank Deutsche Girozentrale increased its position in Progressive Corporation (The) by 6.0% in the second quarter. DekaBank Deutsche Girozentrale now owns 1,222,814 shares of the insurance provider’s stock valued at $54,080,000 after buying an additional 68,690 shares during the period. National Planning Corp increased its position in Progressive Corporation (The) by 28.0% in the second quarter. National Planning Corp now owns 9,125 shares of the insurance provider’s stock valued at $404,000 after buying an additional 1,995 shares during the period. Schwab Charles Investment Management Inc. increased its position in Progressive Corporation (The) by 4.8% in the second quarter. Schwab Charles Investment Management Inc. now owns 2,010,789 shares of the insurance provider’s stock valued at $88,656,000 after buying an additional 92,656 shares during the period. Finally, Wetherby Asset Management Inc. increased its position in Progressive Corporation (The) by 1.9% in the second quarter. Wetherby Asset Management Inc. now owns 16,491 shares of the insurance provider’s stock valued at $728,000 after buying an additional 303 shares during the period. Institutional investors and hedge funds own 79.54% of the company’s stock.

Shares of Progressive Corporation (PGR) opened at 47.71 on Friday. The firm’s 50-day moving average price is $45.86 and its 200 day moving average price is $41.48. The firm has a market cap of $27.72 billion, a PE ratio of 20.30 and a beta of 0.86. Progressive Corporation has a 1-year low of $30.54 and a 1-year high of $48.04.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates 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 business had revenue of $6.75 billion for the quarter, compared to analysts’ expectations of $6.78 billion. During the same period in the prior year, the company earned $0.33 EPS. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. On average, equities research analysts forecast that Progressive Corporation will post $2.43 EPS for the current fiscal year.

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Several research firms have recently weighed in on PGR. Wells Fargo & Company restated a “hold” rating on shares of Progressive Corporation (The) in a research report on Thursday, August 3rd. Zacks Investment Research upgraded Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 target price on the stock in a research report on Wednesday, August 2nd. BidaskClub downgraded Progressive Corporation (The) from a “strong-buy” rating to a “buy” rating in a research report on Monday, July 31st. Keefe, Bruyette & Woods restated a “buy” rating and issued a $48.00 target price on shares of Progressive Corporation (The) in a research report on Tuesday, July 25th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $47.00 target price (up previously from $43.00) on shares of Progressive Corporation (The) in a research report on Saturday, July 22nd. Two analysts have rated the stock with a sell rating, five have given a hold rating, seven have assigned a buy rating and two have given a strong buy rating to the stock. Progressive Corporation (The) presently has a consensus rating of “Buy” and a consensus target price of $44.79.

In other Progressive Corporation (The) news, insider William M. Cody sold 50,000 shares of the stock in a transaction on Friday, June 16th. The stock was sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the transaction, the insider now owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 1,100 shares of the stock in a transaction 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 transaction, the insider now directly owns 8,955 shares in the company, valued at approximately $372,080.25. The disclosure for this sale can be found here. In the last three months, insiders have sold 71,100 shares of company stock worth $3,168,605. 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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