Massachusetts Financial Services Co. MA Acquires Shares of 5,893 Progressive Corp (PGR)

Massachusetts Financial Services Co. MA purchased a new position in shares of Progressive Corp (NYSE:PGR) in the first quarter, according to its most recent disclosure with the SEC. The firm purchased 5,893 shares of the insurance provider’s stock, valued at approximately $359,000.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Bank of Hawaii raised its stake in shares of Progressive by 15.5% during the 1st quarter. Bank of Hawaii now owns 10,480 shares of the insurance provider’s stock worth $639,000 after purchasing an additional 1,410 shares in the last quarter. Coyle Financial Counsel LLC raised its stake in shares of Progressive by 4.7% during the 1st quarter. Coyle Financial Counsel LLC now owns 32,034 shares of the insurance provider’s stock worth $1,952,000 after purchasing an additional 1,451 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of Progressive during the 1st quarter worth about $3,659,000. Cypress Capital Management LLC WY raised its stake in shares of Progressive by 26.2% during the 1st quarter. Cypress Capital Management LLC WY now owns 10,165 shares of the insurance provider’s stock worth $619,000 after purchasing an additional 2,110 shares in the last quarter. Finally, Mackay Shields LLC purchased a new stake in shares of Progressive during the 1st quarter worth about $40,078,000. 79.89% of the stock is owned by institutional investors.

PGR has been the subject of a number of recent research reports. MKM Partners raised their price target on Progressive from $55.00 to $65.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. UBS raised their price target on Progressive from $63.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, January 25th. ValuEngine raised Progressive from a “hold” rating to a “buy” rating in a research note on Monday, April 2nd. Zacks Investment Research raised Progressive from a “hold” rating to a “buy” rating and set a $69.00 price target for the company in a research note on Friday, April 20th. Finally, Morgan Stanley raised their price objective on Progressive from $59.00 to $64.00 and gave the company an “equal weight” rating in a research note on Wednesday, April 18th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and two have assigned a strong buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus target price of $55.06.



Shares of Progressive opened at $62.23 on Thursday, Marketbeat Ratings reports. The company has a current ratio of 0.44, a quick ratio of 0.44 and a debt-to-equity ratio of 0.39. Progressive Corp has a twelve month low of $41.53 and a twelve month high of $62.99. The company has a market capitalization of $35.91 billion, a P/E ratio of 23.66, a P/E/G ratio of 2.08 and a beta of 0.66.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, May 2nd. The insurance provider reported $1.29 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.10. Progressive had a return on equity of 18.90% and a net margin of 6.75%. research analysts forecast that Progressive Corp will post 4.05 EPS for the current year.

In other Progressive news, CEO Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction that occurred on Friday, May 18th. The stock was sold at an average price of $60.54, for a total value of $762,804.00. Following the sale, the chief executive officer now owns 222,723 shares of the company’s stock, valued at approximately $13,483,650.42. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $60.52, for a total value of $726,240.00. Following the completion of the sale, the chief financial officer now directly owns 376,423 shares in the company, valued at approximately $22,781,119.96. The disclosure for this sale can be found here. Insiders sold a total of 37,600 shares of company stock worth $2,276,224 in the last ninety days. Insiders own 0.70% of the company’s stock.

Progressive Company Profile

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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