Pitcairn Co. lowered its stake in Progressive Corp. (NYSE:PGR) by 0.4% during the second quarter, Holdings Channel reports. The institutional investor 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 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the company. Financial Architects Inc raised its position in shares of Progressive Corp. by 1,471.7% in the second quarter. Financial Architects Inc now owns 3,992 shares of the company’s stock valued at $134,000 after buying an additional 3,738 shares during the last quarter. Creative Planning raised its position in shares of Progressive Corp. by 88.9% in the second quarter. Creative Planning now owns 4,058 shares of the company’s stock valued at $136,000 after buying an additional 1,910 shares during the last quarter. Cortland Associates Inc. MO acquired a new position in shares of Progressive Corp. during the first quarter valued at $218,000. Coyle Financial Counsel LLC acquired a new position in shares of Progressive Corp. during the second quarter valued at $211,000. Finally, Advisor Partners LLC raised its position in shares of 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 during the last quarter. Institutional investors and hedge funds own 76.53% of the company’s stock.

Progressive Corp. (NYSE:PGR) traded up 0.55% during midday trading on Wednesday, reaching $31.19. 3,109,904 shares of the company’s stock were exchanged. The company has a 50 day moving average price of $32.54 and a 200 day moving average price of $33.07. Progressive Corp. has a 12 month low of $29.32 and a 12 month high of $35.54. The company has a market cap of $18.15 billion, a P/E ratio of 17.33 and a beta of 0.75.

Progressive Corp. (NYSE:PGR) last posted its quarterly earnings data on Thursday, July 14th. The company reported $0.33 earnings per share for the quarter, missing the consensus estimate of $0.34 by $0.01. The firm 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%. Progressive Corp.’s revenue for the quarter was up 13.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.62 EPS. On average, equities analysts anticipate that Progressive Corp. will post $1.61 EPS for the current year.

A number of research firms have recently commented on PGR. Zacks Investment Research lowered shares of Progressive Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. William Blair reissued an “outperform” rating on shares of Progressive Corp. in a research report on Saturday, September 10th. Deutsche Bank AG dropped their price target on shares of Progressive Corp. from $30.00 to $28.00 and set a “sell” rating on the stock in a research report on Monday. MKM Partners reissued a “buy” rating and issued a $40.00 price target on shares of Progressive Corp. in a research report on Thursday, June 23rd. Finally, Credit Suisse Group AG set a $28.00 price target on shares of Progressive Corp. and gave the company a “sell” rating in a research report on Tuesday, August 23rd. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $32.14.

In other Progressive Corp. news, insider John A. Barbagallo sold 11,000 shares of the stock in a transaction on Tuesday, June 28th. The stock was sold at an average price of $31.50, for a total transaction of $346,500.00. Following the transaction, the insider now owns 163,101 shares in the company, valued at approximately $5,137,681.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Bradley T. Sheares sold 19,564 shares of the stock in a transaction on Friday, June 24th. The stock was sold at an average price of $31.96, for a total value of $625,265.44. Following the transaction, the director now owns 4,964 shares in the company, valued at approximately $158,649.44. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

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.

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