Bank of Montreal Can Cuts Stake in Progressive Corp (PGR)

Bank of Montreal Can lessened its stake in shares of Progressive Corp (NYSE:PGR) by 2.4% in the fourth quarter, according to the company in its most recent filing with the SEC. The fund owned 3,206,707 shares of the insurance provider’s stock after selling 79,126 shares during the quarter. Bank of Montreal Can owned about 0.55% of Progressive worth $180,601,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lockheed Martin Investment Management Co. acquired a new stake in shares of Progressive during the 3rd quarter worth about $872,000. Meeder Asset Management Inc. lifted its stake in shares of Progressive by 126.4% during the 3rd quarter. Meeder Asset Management Inc. now owns 96,585 shares of the insurance provider’s stock worth $4,677,000 after buying an additional 53,917 shares during the last quarter. Royal Bank of Canada lifted its stake in shares of Progressive by 20.4% during the 2nd quarter. Royal Bank of Canada now owns 747,020 shares of the insurance provider’s stock worth $32,936,000 after buying an additional 126,317 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Progressive by 12.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 691,882 shares of the insurance provider’s stock worth $30,506,000 after buying an additional 74,853 shares during the last quarter. Finally, Ameriprise Financial Inc. lifted its stake in shares of Progressive by 85.5% during the 3rd quarter. Ameriprise Financial Inc. now owns 880,067 shares of the insurance provider’s stock worth $42,613,000 after buying an additional 405,643 shares during the last quarter. Institutional investors own 79.45% of the company’s stock.

Progressive Corp (PGR) opened at $56.27 on Wednesday. Progressive Corp has a 1 year low of $35.85 and a 1 year high of $57.18. The company has a market cap of $32,730.00, a PE ratio of 23.45, a P/E/G ratio of 2.38 and a beta of 0.94. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.50 and a current ratio of 0.50.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, beating the consensus estimate of $0.34 by $0.07. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The firm had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.04 billion. During the same period last year, the firm earned $0.34 EPS. The business’s quarterly revenue was up 18.1% compared to the same quarter last year. analysts anticipate that Progressive Corp will post 2.47 EPS for the current year.

In other Progressive news, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The shares were sold at an average price of $56.10, for a total value of $1,402,500.00. Following the transaction, the insider now directly owns 137,722 shares of the company’s stock, valued at approximately $7,726,204.20. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, insider M Jeffrey Charney sold 6,000 shares of the firm’s stock in a transaction dated Friday, October 20th. The shares were sold at an average price of $48.90, for a total transaction of $293,400.00. Following the completion of the transaction, the insider now directly owns 108,038 shares in the company, valued at $5,283,058.20. The disclosure for this sale can be found here. Over the last three months, insiders sold 37,000 shares of company stock worth $1,992,900. Insiders own 0.56% of the company’s stock.

A number of analysts have recently issued reports on PGR shares. UBS Group cut their target price on shares of Progressive from $53.00 to $52.00 and set a “buy” rating for the company in a research note on Tuesday, September 19th. Credit Suisse Group upgraded shares of Progressive from an “underperform” rating to a “neutral” rating and raised their target price for the stock from $42.00 to $48.00 in a research note on Wednesday, September 20th. Wells Fargo & Co restated a “hold” rating and set a $47.00 target price on shares of Progressive in a research note on Tuesday, September 19th. MKM Partners reaffirmed a “buy” rating on shares of Progressive in a research report on Monday, September 25th. Finally, ValuEngine lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company’s stock. Progressive currently has an average rating of “Hold” and an average target price of $50.41.

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About Progressive

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.

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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