M&G PLC Sells 282 Shares of The Progressive Corporation $PGR

M&G PLC lessened its position in The Progressive Corporation (NYSE:PGR) by 0.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 125,711 shares of the insurance provider’s stock after selling 282 shares during the quarter. M&G PLC’s holdings in Progressive were worth $33,565,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC grew its position in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the 4th quarter valued at $269,000. Bison Wealth LLC grew its holdings in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the last quarter. MQS Management LLC purchased a new position in Progressive in the 1st quarter worth $232,000. Finally, Bleakley Financial Group LLC lifted its stake in Progressive by 4.3% in the first quarter. Bleakley Financial Group LLC now owns 13,692 shares of the insurance provider’s stock worth $3,875,000 after purchasing an additional 563 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider Patrick K. Callahan sold 6,420 shares of the stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the sale, the insider owned 30,388 shares in the company, valued at approximately $7,356,934.80. The trade was a 4.24% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 58,500 shares of company stock worth $14,430,089 in the last quarter. 0.33% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a report on Wednesday, August 13th. Keefe, Bruyette & Woods lowered their price target on shares of Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a report on Wednesday, November 5th. Wolfe Research began coverage on Progressive in a research note on Monday, September 15th. They set a “peer perform” rating on the stock. Wells Fargo & Company decreased their price target on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a research note on Thursday, October 16th. Finally, Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Eight research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $269.90.

Progressive Stock Performance

Shares of NYSE PGR opened at $219.73 on Wednesday. The firm’s 50-day moving average price is $232.41 and its 200-day moving average price is $251.30. The Progressive Corporation has a 52-week low of $199.90 and a 52-week high of $292.99. The company has a market cap of $128.85 billion, a PE ratio of 12.05, a PEG ratio of 1.19 and a beta of 0.29. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter last year, the company posted $3.58 EPS. As a group, analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.