Pitcairn Co. Has $751,000 Position in Progressive Corp. (PGR)
Pitcairn Co. cut its stake in shares of Progressive Corp. (NYSE:PGR) by 0.4% during the second quarter, Holdings Channel reports. The fund owned 22,409 shares of the company’s stock after selling 98 shares during the period. Pitcairn Co.’s holdings in Progressive Corp. were worth $751,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. Coyle Financial Counsel LLC bought a new stake in Progressive Corp. during the second quarter worth approximately $211,000. Bank of Montreal Can bought a new stake in Progressive Corp. during the second quarter worth approximately $22,332,000. 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 in the last quarter. Shell Asset Management Co. increased its stake in Progressive Corp. by 17.4% in the second quarter. Shell Asset Management Co. now owns 202,174 shares of the company’s stock worth $6,773,000 after buying an additional 29,895 shares in the last quarter. Finally, Oakbrook Investments LLC bought a new stake in Progressive Corp. during the second quarter worth approximately $2,491,000. 76.53% of the stock is currently owned by institutional investors and hedge funds.
Shares of Progressive Corp. (NYSE:PGR) traded up 0.55% during trading on Wednesday, reaching $31.19. 3,109,904 shares of the company traded hands. Progressive Corp. has a 12 month low of $29.32 and a 12 month high of $35.54. The firm has a 50-day moving average price of $32.54 and a 200-day moving average price of $33.07. The firm has a market capitalization of $18.15 billion, a PE ratio of 17.33 and a beta of 0.75.
Progressive Corp. (NYSE:PGR) last posted its quarterly earnings results on Thursday, July 14th. The company reported $0.33 EPS for the quarter, missing the consensus estimate of $0.34 by $0.01. The company had revenue of $5.93 billion for the quarter. Progressive Corp. had a return on equity of 13.57% and a net margin of 4.80%. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. During the same period in the prior year, the company posted $0.62 EPS. Equities research analysts anticipate that Progressive Corp. will post $1.61 EPS for the current year.
A number of analysts recently commented on PGR shares. Citigroup Inc. downgraded shares of Progressive Corp. from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $36.00 to $31.00 in a report on Thursday, June 2nd. FBR & Co reaffirmed a “hold” rating on shares of Progressive Corp. in a report on Thursday, June 16th. MKM Partners reaffirmed a “buy” rating and issued a $40.00 price target on shares of Progressive Corp. in a report on Thursday, June 23rd. Argus reaffirmed a “hold” rating and issued a $33.00 price target on shares of Progressive Corp. in a report on Monday, July 18th. Finally, Zacks Investment Research downgraded shares of Progressive Corp. from a “hold” rating to a “sell” rating in a report on Wednesday, August 3rd. Five analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $32.14.
In related news, Director Bradley T. Sheares sold 19,564 shares of the firm’s stock in a transaction that occurred on Friday, June 24th. The shares were sold at an average price of $31.96, for a total transaction of $625,265.44. Following the completion of the sale, the director now directly owns 4,964 shares in the company, valued at $158,649.44. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 2,500 shares of the firm’s stock in a transaction that occurred on Friday, July 15th. The stock was sold at an average price of $33.17, for a total transaction of $82,925.00. Following the sale, the insider now owns 9,420 shares of the company’s stock, valued at $312,461.40. The disclosure for this sale can be found here. Corporate insiders own 0.60% of the company’s stock.
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.
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.