Bank Julius Baer & Co. Ltd Zurich Sells 97,416 Shares of The Progressive Corporation $PGR

Bank Julius Baer & Co. Ltd Zurich lessened its holdings in The Progressive Corporation (NYSE:PGR) by 5.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 1,567,634 shares of the insurance provider’s stock after selling 97,416 shares during the quarter. Bank Julius Baer & Co. Ltd Zurich owned approximately 0.27% of Progressive worth $418,000 at the end of the most recent reporting period.

Other hedge funds have also modified their holdings of the company. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive in the 2nd quarter valued at $33,000. Westside Investment Management Inc. increased its position in shares of Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares during the last quarter. Ransom Advisory Ltd acquired a new position in Progressive during the first quarter worth $35,000. Activest Wealth Management lifted its stake in Progressive by 6,350.0% in the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 127 shares during the last quarter. Finally, Richardson Financial Services Inc. raised its stake in Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock valued at $37,000 after acquiring an additional 132 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several research firms recently weighed in on PGR. Wells Fargo & Company lifted their price target on Progressive from $246.00 to $247.00 and gave the stock an “equal weight” rating in a report on Thursday. Evercore ISI reduced their price objective on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research report on Wednesday, October 1st. Raymond James Financial cut their target price on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a report on Friday, October 17th. Jefferies Financial Group downgraded Progressive from a “buy” rating to a “hold” rating and decreased their price target for the stock from $261.00 to $232.00 in a report on Friday, November 14th. Finally, UBS Group dropped their price objective on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $266.52.

Progressive Stock Up 0.4%

Progressive stock opened at $226.99 on Friday. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The firm has a 50 day simple moving average of $228.90 and a 200 day simple moving average of $248.44. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $133.11 billion, a price-to-earnings ratio of 12.45, a P/E/G ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The company had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. During the same quarter in the prior year, the company earned $3.58 earnings per share. On average, analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Insider Activity at Progressive

In other news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider owned 43,506 shares in the company, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 1,345 shares of the firm’s stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $220.00, for a total value of $295,900.00. Following the transaction, the insider directly owned 29,043 shares in the company, valued at approximately $6,389,460. This represents a 4.43% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 41,987 shares of company stock worth $10,257,508 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.