Janney Montgomery Scott LLC Has $596,000 Stake in Progressive Corp (PGR)
Janney Montgomery Scott LLC decreased its holdings in shares of Progressive Corp (NYSE:PGR) by 56.3% during the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 12,318 shares of the insurance provider’s stock after selling 15,871 shares during the quarter. Janney Montgomery Scott LLC’s holdings in Progressive were worth $596,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of PGR. Dupont Capital Management Corp acquired a new position in Progressive in the second quarter valued at $186,000. Alps Advisors Inc. raised its position in Progressive by 18.7% in the second quarter. Alps Advisors Inc. now owns 10,188 shares of the insurance provider’s stock valued at $449,000 after purchasing an additional 1,602 shares during the period. BB&T Securities LLC purchased a new position in Progressive in the second quarter valued at about $208,000. Virginia Retirement Systems ET AL purchased a new position in Progressive in the second quarter valued at about $719,000. Finally, GAM Holding AG raised its position in Progressive by 57.1% in the second quarter. GAM Holding AG now owns 80,461 shares of the insurance provider’s stock valued at $3,548,000 after purchasing an additional 29,248 shares during the period. Hedge funds and other institutional investors own 79.41% of the company’s stock.
Shares of Progressive Corp (NYSE:PGR) opened at $56.09 on Monday. Progressive Corp has a 52-week low of $35.23 and a 52-week high of $57.18. The stock has a market capitalization of $32,620.00, a PE ratio of 23.37, a PEG ratio of 3.16 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 announced its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.34 by $0.07. Progressive had a return on equity of 9.83% and a net margin of 3.17%. The business had revenue of $7.14 billion for the quarter, compared to analyst estimates of $7.04 billion. During the same period in the previous year, the company earned $0.34 earnings per share. The company’s revenue for the quarter was up 18.1% compared to the same quarter last year. research analysts predict that Progressive Corp will post 2.41 EPS for the current year.
PGR has been the topic of several research reports. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a research report on Friday, September 1st. Wells Fargo & Co set a $50.00 price objective on Progressive and gave the company a “hold” rating in a research report on Wednesday, November 15th. Credit Suisse Group raised Progressive from an “underperform” rating to a “neutral” rating and raised their price objective for the company from $42.00 to $48.00 in a research report on Wednesday, September 20th. MKM Partners raised their price objective on Progressive to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 16th. Finally, Buckingham Research initiated coverage on Progressive in a research report on Monday, September 11th. They issued an “underperform” rating and a $40.00 price objective on the stock. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $50.41.
In related news, insider Jeffrey W. Basch sold 9,000 shares of the business’s stock in a transaction dated Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total value of $434,070.00. Following the completion of the sale, the insider now directly owns 70,965 shares of the company’s stock, valued at $3,422,641.95. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CMO M Jeffrey Charney sold 6,000 shares of the business’s stock in a transaction dated Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total value of $297,000.00. Following the completion of the sale, the chief marketing officer now directly owns 102,038 shares of the company’s stock, valued at $5,050,881. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 21,000 shares of company stock worth $1,024,470. Corporate insiders own 0.56% of the company’s stock.
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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.
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