LS Investment Advisors LLC Sells 188 Shares of Progressive Corp. (PGR)
LS Investment Advisors LLC reduced its position in Progressive Corp. (NYSE:PGR) by 0.3% during the second quarter, Holdings Channel reports. The institutional investor owned 53,949 shares of the company’s stock after selling 188 shares during the period. LS Investment Advisors LLC’s holdings in Progressive Corp. were worth $1,807,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently added to or reduced their stakes in the company. IBM Retirement Fund boosted 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 worth $2,633,000 after buying an additional 252 shares in the last quarter. 1st Global Advisors Inc. boosted its position in Progressive Corp. by 4.2% in the second quarter. 1st Global Advisors Inc. now owns 25,752 shares of the company’s stock worth $863,000 after buying an additional 1,042 shares in the last quarter. Berkshire Asset Management LLC PA bought a new position in Progressive Corp. during the second quarter worth $1,058,000. Nordea Investment Management AB boosted its position in Progressive Corp. by 8.2% in the second quarter. Nordea Investment Management AB now owns 422,144 shares of the company’s stock worth $14,142,000 after buying an additional 31,860 shares in the last quarter. Finally, Capital One National Association boosted its position in Progressive Corp. by 149.9% in the second quarter. Capital One National Association now owns 35,014 shares of the company’s stock worth $1,173,000 after buying an additional 21,003 shares in the last quarter. Hedge funds and other institutional investors own 76.53% of the company’s stock.
Progressive Corp. (NYSE:PGR) traded up 1.32% during midday trading on Friday, hitting $31.44. The company had a trading volume of 3,702,145 shares. The company’s 50 day moving average is $31.69 and its 200-day moving average is $32.87. The company has a market cap of $18.30 billion, a P/E ratio of 17.47 and a beta of 0.73. Progressive Corp. has a one year low of $29.32 and a one year 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 company earned $5.93 billion during the quarter. During the same quarter last year, the firm earned $0.62 earnings per share. The business’s quarterly revenue was up 13.1% compared to the same quarter last year. On average, equities analysts predict that Progressive Corp. will post $1.60 EPS for the current year.
A number of research firms have weighed in on PGR. Credit Suisse Group AG restated a “sell” rating and issued a $28.00 price target on shares of Progressive Corp. in a report on Friday. Deutsche Bank AG decreased their price target 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 cut Progressive Corp. from a “hold” rating to a “sell” rating in a research note on Monday, September 19th. Keefe, Bruyette & Woods upgraded Progressive Corp. from an “underperform” rating to a “market perform” rating and increased their target price for the company from $29.00 to $31.00 in a research note on Thursday, September 15th. Finally, William Blair reiterated an “outperform” rating on shares of Progressive Corp. in a research note on Saturday, September 10th. Five research analysts have rated the stock with a sell rating, five have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the stock. Progressive Corp. presently has a consensus rating of “Hold” and a consensus target price of $32.16.
In related news, insider John A. Barbagallo sold 24,000 shares of the firm’s stock in a transaction that occurred 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 transaction, the insider now directly owns 148,139 shares of the company’s stock, valued at approximately $4,890,068.39. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider M Jeffrey Charney sold 7,000 shares of the firm’s stock in a transaction that occurred on Friday, September 2nd. The shares were sold at an average price of $32.50, for a total value of $227,500.00. Following the completion of the transaction, the insider now directly 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 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.