Progressive Corporation (The) (PGR) Position Lowered by USS Investment Management Ltd

USS Investment Management Ltd reduced its position in shares of Progressive Corporation (The) (NYSE:PGR) by 14.0% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 639,800 shares of the insurance provider’s stock after selling 104,000 shares during the period. USS Investment Management Ltd owned approximately 0.11% of Progressive Corporation (The) worth $28,206,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Cypress Capital Management LLC WY purchased a new stake in Progressive Corporation (The) during the second quarter worth approximately $106,000. IFP Advisors Inc boosted its position in Progressive Corporation (The) by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after buying an additional 341 shares during the period. Cornerstone Advisors Inc. boosted its position in Progressive Corporation (The) by 4.1% in the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after buying an additional 133 shares during the period. Dupont Capital Management Corp purchased a new position in Progressive Corporation (The) during the second quarter worth about $186,000. Finally, TRUE Private Wealth Advisors purchased a new position in Progressive Corporation (The) during the second quarter worth about $200,000. Institutional investors and hedge funds own 80.32% of the company’s stock.

Shares of Progressive Corporation (PGR) traded up 0.29% during trading on Friday, hitting $48.40. The stock had a trading volume of 2,406,726 shares. The company has a market capitalization of $28.12 billion, a P/E ratio of 20.60 and a beta of 0.86. The firm has a 50-day moving average of $47.02 and a 200 day moving average of $42.35. Progressive Corporation has a 1-year low of $30.54 and a 1-year high of $49.01.

Progressive Corporation (The) (NYSE:PGR) last issued its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by $0.01. The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.78 billion. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The firm’s quarterly revenue was up 13.7% on a year-over-year basis. During the same period last year, the firm posted $0.33 earnings per share. Equities research analysts predict that Progressive Corporation will post $2.53 earnings per share for the current fiscal year.

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PGR has been the subject of a number of research reports. Deutsche Bank AG upgraded Progressive Corporation (The) from a “sell” rating to a “hold” rating and increased their target price for the stock from $35.00 to $40.00 in a report on Wednesday, May 17th. Morgan Stanley reiterated an “equal weight” rating and set a $47.00 target price (up previously from $43.00) on shares of Progressive Corporation (The) in a report on Saturday, July 22nd. BidaskClub upgraded Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a report on Saturday, June 17th. Zacks Investment Research upgraded Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 target price for the company in a report on Monday, June 19th. Finally, Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a report on Thursday, May 4th. Two analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and three have given a strong buy rating to the company’s stock. Progressive Corporation (The) currently has a consensus rating of “Buy” and an average price target of $45.21.

In other Progressive Corporation (The) news, insider William M. Cody sold 50,000 shares of Progressive Corporation (The) stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $44.65, for a total value of $2,232,500.00. Following the completion of the transaction, the insider now directly owns 151,051 shares of the company’s stock, valued at $6,744,427.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Jeffrey D. Kelly sold 20,000 shares of Progressive Corporation (The) stock in a transaction dated Monday, June 26th. The stock was sold at an average price of $44.52, for a total transaction of $890,400.00. Following the completion of the transaction, the director now directly owns 59,963 shares of the company’s stock, valued at $2,669,552.76. The disclosure for this sale can be found here. Insiders sold 156,250 shares of company stock valued at $7,319,413 over the last ninety days. Corporate insiders own 0.56% of the company’s stock.

Progressive Corporation (The) Company Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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