First Business Financial Services Inc. cut its position in Progressive Corp. (NYSE:PGR) by 5.5% during the second quarter, Holdings Channel reports. The fund owned 11,930 shares of the company’s stock after selling 694 shares during the period. First Business Financial Services Inc.’s holdings in Progressive Corp. were worth $400,000 at the end of the most recent reporting period.
Other hedge funds have also added to or reduced their stakes in the company. Livingston Group Asset Management CO operating as Southport Capital Management acquired a new stake in Progressive Corp. during the second quarter worth approximately $108,000. Financial Architects Inc increased its stake in Progressive Corp. by 1,471.7% in the second quarter. Financial Architects Inc now owns 3,992 shares of the company’s stock worth $134,000 after buying an additional 3,738 shares during the last quarter. Creative Planning increased its stake in Progressive Corp. by 88.9% in the second quarter. Creative Planning now owns 4,058 shares of the company’s stock worth $136,000 after buying an additional 1,910 shares during the last quarter. Coyle Financial Counsel LLC acquired a new stake in Progressive Corp. during the second quarter worth approximately $211,000. Finally, Advisor Partners LLC increased its stake in Progressive Corp. by 2.7% in the first quarter. Advisor Partners LLC now owns 7,968 shares of the company’s stock worth $280,000 after buying an additional 206 shares during the last quarter. Institutional investors and hedge funds own 76.53% of the company’s stock.
Progressive Corp. (NYSE:PGR) traded down 0.913% during mid-day trading on Thursday, reaching $30.945. 2,865,884 shares of the company’s stock traded hands. Progressive Corp. has a 1-year low of $29.32 and a 1-year high of $35.54. The firm has a 50-day moving average price of $31.81 and a 200-day moving average price of $32.91. The stock has a market cap of $18.01 billion, a P/E ratio of 17.192 and a beta of 0.73.
Progressive Corp. (NYSE:PGR) last announced its quarterly earnings results on Thursday, July 14th. The company reported $0.33 earnings per share for the quarter, missing analysts’ consensus estimates of $0.34 by $0.01. The firm earned $5.93 billion during the quarter. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. Progressive Corp.’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same quarter last year, the company earned $0.62 EPS. Equities research analysts anticipate that Progressive Corp. will post $1.60 EPS for the current fiscal year.
PGR has been the topic of a number of recent analyst reports. Credit Suisse Group AG set a $28.00 price target on shares of Progressive Corp. and gave the company a “sell” rating in a report on Saturday, September 17th. FBR & Co restated a “hold” rating on shares of Progressive Corp. in a report on Thursday, June 16th. Argus restated a “hold” rating and set a $33.00 price target on shares of Progressive Corp. in a report on Monday, July 18th. Keefe, Bruyette & Woods upgraded shares of Progressive Corp. from an “underperform” rating to a “market perform” rating and boosted their price target for the company from $29.00 to $31.00 in a report on Thursday, September 15th. Finally, Zacks Investment Research upgraded shares of Progressive Corp. from a “sell” rating to a “hold” rating in a report on Tuesday, September 13th. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $32.16.
In other Progressive Corp. news, insider John A. Barbagallo sold 24,000 shares of the firm’s stock in a transaction that occurred on Monday, July 18th. The shares were sold at an average price of $33.01, for a total transaction of $792,240.00. Following the sale, the insider now directly owns 148,139 shares in the company, valued at approximately $4,890,068.39. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider M Jeffrey Charney sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The stock was sold at an average price of $32.50, for a total transaction of $227,500.00. Following the sale, the insider now owns 71,961 shares in the company, valued at $2,338,732.50. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.
About Progressive Corp.
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 Personal Lines, Commercial Lines and Property segments.
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp. (NYSE:PGR).
Receive News & Ratings for Progressive Corp. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive Corp. and related companies with MarketBeat.com's FREE daily email newsletter.