Connor Clark & Lunn Investment Management Ltd. Has $26.37 Million Stock Position in The Progressive Corporation $PGR

Connor Clark & Lunn Investment Management Ltd. cut its holdings in The Progressive Corporation (NYSE:PGR) by 20.4% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 98,830 shares of the insurance provider’s stock after selling 25,253 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Progressive were worth $26,374,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. TruNorth Capital Management LLC lifted its position in Progressive by 210.0% during the 1st quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after buying an additional 63 shares in the last quarter. Atlantic Union Bankshares Corp acquired a new stake in shares of Progressive in the second quarter valued at about $33,000. Westside Investment Management Inc. raised its holdings in Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares in the last quarter. Ransom Advisory Ltd acquired a new position in Progressive during the first quarter valued at approximately $35,000. Finally, Activest Wealth Management boosted its position in Progressive by 6,350.0% during the first 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. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 3.6%

Shares of PGR opened at $217.16 on Monday. The firm has a market cap of $127.34 billion, a P/E ratio of 11.91, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The Progressive Corporation has a 52 week low of $199.90 and a 52 week high of $292.99. The firm’s 50-day simple moving average is $233.53 and its 200 day simple moving average is $251.96.

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

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on PGR shares. Evercore ISI dropped their price objective on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. Citigroup lowered their target price on shares of Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a report on Thursday, October 16th. Zacks Research cut shares of Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. Morgan Stanley set a $214.00 price objective on shares of Progressive and gave the company an “underweight” rating in a research report on Monday, October 20th. Finally, The Goldman Sachs Group dropped their target price on shares of Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Eight research analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $269.90.

Insiders Place Their Bets

In other news, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the sale, the insider owned 30,388 shares of the company’s stock, valued at approximately $7,356,934.80. The trade was a 4.24% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the transaction, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 58,500 shares of company stock worth $14,430,089 over the last three months. 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.