Manulife takes $80.1M stake in insurer Progressive
What's the deal? The Manufacturers Life Insurance CompanyDealroom has a profile for this one. Try Dealroom → bought 366,760 shares of The Progressive CorporationDealroom has a profile for this one. Try Dealroom → in the second quarter, a stake worth roughly $80.1 million. The purchase gives Manulife close to 0.06% ownership in the property and casualty insurer.
The numbers behind it: Progressive reported quarterly revenue of $23.61 billion, up 5% year on year. Earnings per share came in at $5.67, beating analyst expectations.
Where the stock stands: Progressive closed most recently at $221.77, supporting a market capitalisation of about $128.93 billion. Analysts hold a consensus "Hold" rating, with an average target price of $236.05.
Mixed analyst views: Bank of AmericaDealroom has a profile for this one. Try Dealroom → trimmed its target from $313 to $308 but kept a "buy" rating. Wells FargoDealroom has a profile for this one. Try Dealroom → raised its target from $198 to $201 while rating the stock "underweight."
Who else is moving: Manulife is one of several institutional investors adjusting positions. Brighton Jones LLCDealroom has a profile for this one. Try Dealroom → lifted its holdings by 15.6% over the past year, and Revolve Wealth Partners LLCDealroom has a profile for this one. Try Dealroom → opened a new stake in the same period.
Insider activity: Recent SEC filings show insiders John Jo Murphy and Jeffrey D. Kelly sold Progressive shares under pre-arranged trading plans.
The signal: Steady revenue growth and an earnings beat are drawing institutional money into Progressive, even as analysts split on where the stock goes next. For a company selling personal auto and property cover through online platforms and independent agents, the divided outlook underscores how investors are weighing resilience against valuation in the property and casualty market.
Read more: insurasales.com
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