Calamos Advisors LLC Holds Stake in Progressive Corp. (PGR)
Calamos Advisors LLC maintained its position in Progressive Corp. (NYSE:PGR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 8,340 shares of the company’s stock at the end of the second quarter. Calamos Advisors LLC’s holdings in Progressive Corp. were worth $279,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Financial Architects Inc boosted its stake 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 boosted its stake 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. Coyle Financial Counsel LLC purchased a new stake in shares of Progressive Corp. during the second quarter valued at about $211,000. Fox Run Management L.L.C. purchased a new stake in shares of Progressive Corp. during the second quarter valued at about $278,000. Finally, Advisor Partners LLC boosted its stake 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.
Shares of Progressive Corp. (NYSE:PGR) traded down 0.64% during trading on Thursday, reaching $31.03. The company’s stock had a trading volume of 3,911,944 shares. Progressive Corp. has a 12 month low of $29.32 and a 12 month high of $35.54. The company’s 50-day moving average is $31.75 and its 200-day moving average is $32.90. The company has a market capitalization of $18.06 billion, a P/E ratio of 17.24 and a beta of 0.73.
Progressive Corp. (NYSE:PGR) last released its earnings results on Thursday, July 14th. The company reported $0.33 earnings per share for the quarter, missing the Thomson Reuters’ 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 company earned $5.93 billion during the quarter. During the same period in the previous year, the firm posted $0.62 EPS. The business’s revenue for the quarter was up 13.1% compared to the same quarter last year. On average, analysts forecast that Progressive Corp. will post $1.60 EPS for the current fiscal year.
Several research firms have recently commented on PGR. Deutsche Bank AG lowered their target price on Progressive Corp. from $30.00 to $28.00 and set a “sell” rating for the company in a report on Monday, September 19th. Zacks Investment Research lowered Progressive Corp. from a “hold” rating to a “sell” rating in a report on Monday, September 19th. Credit Suisse Group AG set a $28.00 target price on Progressive Corp. and gave the company a “sell” rating in a report on Saturday, September 17th. Keefe, Bruyette & Woods raised Progressive Corp. from an “underperform” rating to a “market perform” rating and upped their target price for the company from $29.00 to $31.00 in a report on Thursday, September 15th. Finally, William Blair reaffirmed an “outperform” rating on shares of Progressive Corp. in a report on Saturday, September 10th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $32.16.
In other Progressive Corp. news, insider M Jeffrey Charney sold 7,000 shares of the firm’s stock in a transaction dated Friday, September 2nd. The shares were sold at an average price of $32.50, for a total transaction of $227,500.00. Following the completion of the transaction, the insider now owns 71,961 shares in the company, valued at $2,338,732.50. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,500 shares of the firm’s stock in a transaction dated Friday, July 15th. The stock was sold at an average price of $33.17, for a total transaction of $82,925.00. Following the transaction, the insider now owns 9,420 shares of the company’s stock, valued at approximately $312,461.40. 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.