Artisan Partners Limited Partnership Acquires 3,332,180 Shares of Progressive Corporation (The) (PGR)

Artisan Partners Limited Partnership increased its holdings in Progressive Corporation (The) (NYSE:PGR) by 40.4% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,586,365 shares of the insurance provider’s stock after buying an additional 3,332,180 shares during the period. Progressive Corporation (The) comprises about 1.0% of Artisan Partners Limited Partnership’s holdings, making the stock its 26th largest position. Artisan Partners Limited Partnership owned about 1.99% of Progressive Corporation (The) worth $510,843,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Creative Planning boosted its position in shares of Progressive Corporation (The) by 0.4% in the 2nd quarter. Creative Planning now owns 5,723 shares of the insurance provider’s stock worth $252,000 after buying an additional 23 shares in the last quarter. Buckingham Asset Management LLC boosted its position in shares of Progressive Corporation (The) by 0.3% in the 1st quarter. Buckingham Asset Management LLC now owns 8,937 shares of the insurance provider’s stock worth $350,000 after buying an additional 25 shares in the last quarter. Financial Architects Inc boosted its position in shares of Progressive Corporation (The) by 0.4% in the 2nd quarter. Financial Architects Inc now owns 18,187 shares of the insurance provider’s stock worth $801,000 after buying an additional 65 shares in the last quarter. Cleararc Capital Inc. boosted its position in shares of Progressive Corporation (The) by 0.6% in the 1st quarter. Cleararc Capital Inc. now owns 14,188 shares of the insurance provider’s stock worth $556,000 after buying an additional 90 shares in the last quarter. Finally, ING Groep NV boosted its position in shares of Progressive Corporation (The) by 0.3% in the 2nd quarter. ING Groep NV now owns 39,707 shares of the insurance provider’s stock worth $1,751,000 after buying an additional 112 shares in the last quarter. Institutional investors and hedge funds own 79.41% of the company’s stock.

PGR has been the topic of several recent research reports. Wells Fargo & Company reiterated a “hold” rating and issued a $45.00 price objective on shares of Progressive Corporation (The) in a research report on Tuesday, July 18th. Morgan Stanley reiterated an “equal weight” rating and issued a $43.00 price objective (up from $40.00) on shares of Progressive Corporation (The) in a research report on Friday, July 7th. BidaskClub upgraded shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Saturday, June 17th. ValuEngine upgraded shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Finally, Barclays PLC boosted their price objective on shares of Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a research report on Monday, July 3rd. Three research analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and three have given a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $44.87.

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In related news, insider Susan Patricia Griffith sold 35,000 shares of Progressive Corporation (The) stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $48.66, for a total value of $1,703,100.00. Following the transaction, the insider now owns 221,715 shares of the company’s stock, valued at approximately $10,788,651.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey D. Kelly sold 20,000 shares of Progressive Corporation (The) stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $44.52, for a total value of $890,400.00. Following the completion of the transaction, the director now directly owns 59,963 shares in the company, valued at approximately $2,669,552.76. The disclosure for this sale can be found here. Insiders sold a total of 106,250 shares of company stock worth $5,086,913 in the last three months. 0.56% of the stock is currently owned by company insiders.

Shares of Progressive Corporation (NYSE:PGR) traded down 0.11% on Friday, hitting $46.02. 3,690,372 shares of the stock traded hands. The company’s 50 day moving average is $47.14 and its 200 day moving average is $43.13. The stock has a market cap of $26.74 billion, a price-to-earnings ratio of 19.58 and a beta of 0.88. Progressive Corporation has a one year low of $30.63 and a one year high of $49.01.

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 the Zacks’ consensus estimate of $0.60 by ($0.01). The company had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.78 billion. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The company’s revenue for the quarter was up 13.7% compared to the same quarter last year. During the same period in the prior year, the business posted $0.33 EPS. On average, equities analysts forecast that Progressive Corporation will post $2.47 EPS for the current year.

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.

Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

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