BlackRock Advisors LLC increased its stake in shares of Progressive Corp. (NYSE:PGR) by 73.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 939,644 shares of the company’s stock after buying an additional 398,850 shares during the period. BlackRock Advisors LLC owned about 0.16% of Progressive Corp. worth $31,478,000 at the end of the most recent quarter.

Several other institutional investors also recently added to or reduced their stakes in the stock. Conning Inc. increased its position in Progressive Corp. by 1.5% in the second quarter. Conning Inc. now owns 13,607 shares of the company’s stock valued at $456,000 after buying an additional 200 shares in the last quarter. Advisor Partners LLC increased its position in Progressive Corp. by 2.7% in the first quarter. Advisor Partners LLC now owns 7,968 shares of the company’s stock valued at $280,000 after buying an additional 206 shares in the last quarter. Mn Services Vermogensbeheer B.V. increased its position in Progressive Corp. by 1.6% in the second quarter. Mn Services Vermogensbeheer B.V. now owns 14,762 shares of the company’s stock valued at $445,000 after buying an additional 228 shares in the last quarter. World Asset Management Inc increased its position in Progressive Corp. by 0.4% in the second quarter. World Asset Management Inc now owns 59,810 shares of the company’s stock valued at $2,004,000 after buying an additional 233 shares in the last quarter. Finally, IBM Retirement Fund increased its position in Progressive Corp. by 0.3% in the second quarter. IBM Retirement Fund now owns 76,282 shares of the company’s stock valued at $2,633,000 after buying an additional 252 shares in the last quarter. 76.53% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Corp. (NYSE:PGR) opened at 31.02 on Wednesday. The stock’s 50 day moving average price is $32.58 and its 200-day moving average price is $33.08. The company has a market cap of $18.05 billion, a P/E ratio of 17.23 and a beta of 0.75. Progressive Corp. has a 52-week low of $29.32 and a 52-week high of $35.54.

Progressive Corp. (NYSE:PGR) last issued its quarterly earnings data on Thursday, July 14th. The company reported $0.33 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.34 by $0.01. Progressive Corp. had a net margin of 4.80% and a return on equity of 13.57%. The firm earned $5.93 billion during the quarter. During the same period in the previous year, the firm earned $0.62 earnings per share. The company’s quarterly revenue was up 13.1% on a year-over-year basis. On average, equities analysts predict that Progressive Corp. will post $1.61 earnings per share for the current fiscal year.

Several research firms have recently weighed in on PGR. Credit Suisse Group AG set a $28.00 target price on Progressive Corp. and gave the company a “sell” rating in a research report on Saturday. Argus reaffirmed a “hold” rating and issued a $33.00 price objective on shares of Progressive Corp. in a research report on Monday, July 18th. Zacks Investment Research downgraded Progressive Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. MKM Partners reaffirmed a “buy” rating and issued a $40.00 price objective on shares of Progressive Corp. in a research report on Thursday, June 23rd. Finally, FBR & Co reaffirmed a “hold” rating on shares of Progressive Corp. in a research report on Thursday, June 16th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $32.14.

In other news, insider John A. Barbagallo sold 24,000 shares of Progressive Corp. stock in a transaction on Monday, July 18th. The stock was sold at an average price of $33.01, for a total value of $792,240.00. Following the completion of the sale, the insider now directly owns 148,139 shares of the company’s stock, valued at $4,890,068.39. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 2,500 shares of Progressive Corp. stock in a transaction on Friday, July 15th. The shares were sold at an average price of $33.17, for a total value of $82,925.00. Following the completion of the sale, the insider now directly owns 9,420 shares of the company’s stock, valued at $312,461.40. The disclosure for this sale can be found here. 0.60% of the stock is owned by insiders.

Progressive Corp. 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 Personal Lines, Commercial Lines and Property segments.

5 Day Chart for 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.