Progressive Corporation (The) (PGR) Shares Bought by Hsbc Holdings PLC

Hsbc Holdings PLC boosted its stake in Progressive Corporation (The) (NYSE:PGR) by 17.5% during the third quarter, Holdings Channel reports. The fund owned 758,829 shares of the company’s stock after buying an additional 112,945 shares during the period. Hsbc Holdings PLC’s holdings in Progressive Corporation (The) were worth $23,866,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Cornerstone Advisors Inc. raised its position in shares of Progressive Corporation (The) by 25.3% in the third quarter. Cornerstone Advisors Inc. now owns 3,271 shares of the company’s stock valued at $103,000 after buying an additional 660 shares during the last quarter. MSI Financial Services Inc raised its position in shares of Progressive Corporation (The) by 37.2% in the third quarter. MSI Financial Services Inc now owns 3,447 shares of the company’s stock valued at $109,000 after buying an additional 935 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Progressive Corporation (The) by 159.0% in the third quarter. Advisors Asset Management Inc. now owns 6,994 shares of the company’s stock valued at $220,000 after buying an additional 4,294 shares during the last quarter. Wilbanks Smith & Thomas Asset Management LLC raised its position in shares of Progressive Corporation (The) by 13.9% in the third quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 7,396 shares of the company’s stock valued at $233,000 after buying an additional 901 shares during the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Progressive Corporation (The) by 16.1% in the third quarter. Tower Research Capital LLC TRC now owns 8,000 shares of the company’s stock valued at $252,000 after buying an additional 1,110 shares during the last quarter. Institutional investors own 77.01% of the company’s stock.

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

Shares of Progressive Corporation (NYSE:PGR) opened at 37.66 on Friday. The company has a market cap of $21.84 billion, a P/E ratio of 21.40 and a beta of 0.75. Progressive Corporation has a one year low of $30.54 and a one year high of $38.17. The company has a 50 day moving average price of $36.55 and a 200 day moving average price of $33.56.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly earnings data on Wednesday, January 25th. The company reported $0.66 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.15. Progressive Corporation (The) had a return on equity of 12.59% and a net margin of 4.40%. The business earned $5.55 billion during the quarter, compared to analysts’ expectations of $5.47 billion. During the same quarter in the previous year, the firm earned $0.56 EPS. The firm’s revenue was up 14.7% compared to the same quarter last year. Equities research analysts expect that Progressive Corporation will post $2.09 earnings per share for the current year.

The firm also recently disclosed an annual dividend, which was paid on Friday, February 10th. Investors of record on Friday, February 3rd were given a dividend of $0.681 per share. The ex-dividend date was Wednesday, February 1st. Progressive Corporation (The)’s dividend payout ratio is presently 38.42%.

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Several research analysts have recently commented on the company. Zacks Investment Research lowered Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research report on Thursday, January 12th. Citigroup Inc. upgraded Progressive Corporation (The) from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $30.00 to $34.00 in a research report on Friday, October 14th. Goldman Sachs Group, Inc. (The) upgraded Progressive Corporation (The) from a “sell” rating to a “neutral” rating and lifted their target price for the stock from $29.00 to $34.00 in a research report on Tuesday, January 10th. Morgan Stanley upgraded Progressive Corporation (The) from an “underweight” rating to an “equal weight” rating and lifted their target price for the stock from $31.00 to $36.00 in a research report on Thursday, January 5th. Finally, Credit Suisse Group reiterated a “sell” rating and issued a $28.00 target price on shares of Progressive Corporation (The) in a research report on Thursday, November 17th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Progressive Corporation (The) presently has an average rating of “Hold” and an average target price of $33.35.

In related news, insider Valerie A. Krasowski sold 10,500 shares of the business’s stock in a transaction dated Monday, December 19th. The stock was sold at an average price of $35.78, for a total transaction of $375,690.00. Following the transaction, the insider now directly owns 145,810 shares in the company, valued at $5,217,081.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.60% of the stock is currently owned by insiders.

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 Personal Lines, Commercial Lines and Property segments.

5 Day Chart for NYSE:PGR

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corporation (The) (NYSE:PGR).

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