Janney Montgomery Scott LLC Acquires 1,086 Shares of Progressive Corp (PGR)

Janney Montgomery Scott LLC lifted its holdings in shares of Progressive Corp (NYSE:PGR) by 8.1% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 14,509 shares of the insurance provider’s stock after buying an additional 1,086 shares during the period. Janney Montgomery Scott LLC’s holdings in Progressive were worth $858,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of PGR. Trust Co. of Vermont lifted its stake in Progressive by 82.4% in the 2nd quarter. Trust Co. of Vermont now owns 2,006 shares of the insurance provider’s stock valued at $119,000 after purchasing an additional 906 shares during the last quarter. Signaturefd LLC acquired a new stake in Progressive in the 1st quarter valued at about $122,000. Cerebellum GP LLC acquired a new stake in Progressive in the 2nd quarter valued at about $168,000. Steward Partners Investment Advisory LLC lifted its stake in Progressive by 114.8% in the 2nd quarter. Steward Partners Investment Advisory LLC now owns 3,404 shares of the insurance provider’s stock valued at $201,000 after purchasing an additional 1,819 shares during the last quarter. Finally, Cetera Advisor Networks LLC acquired a new stake in Progressive in the 1st quarter valued at about $208,000. Institutional investors own 79.99% of the company’s stock.

In other news, CEO Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $60.54, for a total transaction of $762,804.00. Following the transaction, the chief executive officer now directly owns 222,723 shares of the company’s stock, valued at $13,483,650.42. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 7,503 shares of the firm’s stock in a transaction that occurred on Wednesday, July 18th. The stock was sold at an average price of $60.28, for a total transaction of $452,280.84. Following the transaction, the insider now directly owns 41,722 shares in the company, valued at $2,515,002.16. The disclosure for this sale can be found here. Over the last three months, insiders sold 67,103 shares of company stock worth $4,068,025. Insiders own 0.70% of the company’s stock.

Several brokerages recently issued reports on PGR. Morgan Stanley raised their target price on shares of Progressive from $59.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 18th. Wells Fargo & Co set a $64.00 target price on shares of Progressive and gave the company a “hold” rating in a research note on Tuesday, April 17th. MKM Partners raised their target price on shares of Progressive to $75.00 and gave the company a “buy” rating in a research note on Tuesday, May 22nd. Keefe, Bruyette & Woods reiterated a “market perform” rating on shares of Progressive in a research note on Thursday, May 31st. Finally, B. Riley raised their target price on shares of Progressive from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Tuesday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. Progressive has a consensus rating of “Hold” and an average target price of $62.21.

Progressive stock opened at $62.44 on Monday. The stock has a market capitalization of $36.37 billion, a price-to-earnings ratio of 23.74, a P/E/G ratio of 1.94 and a beta of 0.68. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.37. Progressive Corp has a twelve month low of $43.59 and a twelve month high of $64.77.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 17th. The insurance provider reported $1.19 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.08 by $0.11. The firm had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $8.01 billion. Progressive had a net margin of 7.57% and a return on equity of 21.84%. The business’s revenue was up 20.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.63 EPS. equities analysts forecast that Progressive Corp will post 4.39 earnings per share for the current fiscal year.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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