Connor Clark & Lunn Investment Management Ltd. Sells 25,253 Shares of The Progressive Corporation $PGR

Connor Clark & Lunn Investment Management Ltd. decreased its holdings in The Progressive Corporation (NYSE:PGR) by 20.4% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 98,830 shares of the insurance provider’s stock after selling 25,253 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Progressive were worth $26,374,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Brighton Jones LLC increased its position in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC acquired a new position in shares of Progressive during the fourth quarter worth approximately $269,000. Bison Wealth LLC grew its stake in shares of Progressive by 3.2% during the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares during the last quarter. Axxcess Wealth Management LLC increased its holdings in shares of Progressive by 5.6% in the first quarter. Axxcess Wealth Management LLC now owns 1,411 shares of the insurance provider’s stock valued at $399,000 after purchasing an additional 75 shares in the last quarter. Finally, Allworth Financial LP lifted its holdings in Progressive by 4.5% during the 1st quarter. Allworth Financial LP now owns 8,729 shares of the insurance provider’s stock worth $2,315,000 after buying an additional 373 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on PGR. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research note on Monday, November 3rd. Keefe, Bruyette & Woods lowered their price objective on Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a research report on Wednesday, November 5th. Zacks Research downgraded shares of Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 10th. The Goldman Sachs Group reduced their target price on shares of Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a research note on Monday, October 27th. Finally, Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research note on Wednesday, August 13th. Eight analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $269.90.

Progressive Price Performance

Shares of PGR stock opened at $217.16 on Monday. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 12-month low of $199.90 and a 12-month high of $292.99. The firm has a fifty day moving average of $233.53 and a 200-day moving average of $251.96. The firm has a market capitalization of $127.34 billion, a price-to-earnings ratio of 11.91, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last posted its 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 return on equity of 33.88% and a net margin of 12.57%.The business 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 firm posted $3.58 earnings per share. On average, equities research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Insiders Place Their Bets

In other news, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction that occurred on 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 transaction, the insider owned 30,388 shares in the company, valued at $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Lori A. Niederst sold 8,063 shares of the stock in a transaction on Thursday, August 14th. The stock was sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the sale, the insider directly owned 39,040 shares of the company’s stock, valued at $9,767,027.20. This represents a 17.12% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 58,500 shares of company stock worth $14,430,089 in the last three months. 0.34% of the stock is owned by corporate insiders.

Progressive Company 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.