Mitsubishi UFJ Trust & Banking Corp Reduces Holdings in The Progressive Corporation $PGR

Mitsubishi UFJ Trust & Banking Corp reduced its position in The Progressive Corporation (NYSE:PGR) by 5.2% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 461,441 shares of the insurance provider’s stock after selling 25,540 shares during the period. Mitsubishi UFJ Trust & Banking Corp’s holdings in Progressive were worth $123,140,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Brighton Jones LLC increased its holdings in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive during the fourth quarter worth approximately $269,000. Bison Wealth LLC increased its stake in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock worth $615,000 after buying an additional 80 shares during the last quarter. MQS Management LLC acquired a new stake in Progressive in the first quarter valued at $232,000. Finally, Bleakley Financial Group LLC raised its holdings in Progressive by 4.3% in the first quarter. Bleakley Financial Group LLC now owns 13,692 shares of the insurance provider’s stock valued at $3,875,000 after acquiring an additional 563 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the sale, the insider owned 30,388 shares in the company, valued at approximately $7,356,934.80. This trade represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider John Jo Murphy sold 2,218 shares of the business’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 value of $536,977.80. Following the transaction, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. 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 over the last 90 days. Corporate insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on PGR. Wells Fargo & Company dropped their target price on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a research report on Thursday, October 16th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research note on Wednesday, August 13th. Morgan Stanley set a $214.00 price objective on Progressive and gave the company an “underweight” rating in a research note on Monday, October 20th. Barclays decreased their target price on Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research report on Monday, October 20th. Finally, Bank of America upped their price target on Progressive from $350.00 to $351.00 and gave the company a “buy” rating in a research report on Thursday, October 16th. Eight analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, Progressive has an average rating of “Hold” and an average target price of $269.90.

Progressive Trading Up 1.0%

NYSE:PGR opened at $219.73 on Wednesday. The firm has a market capitalization of $128.85 billion, a P/E ratio of 12.05, a P/E/G ratio of 1.19 and a beta of 0.29. The business has a 50 day simple moving average of $232.41 and a 200 day simple moving average of $251.30. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The company had revenue of $21.38 billion during the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter in the previous year, the business posted $3.58 earnings per share. Equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Progressive Company Profile

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.