HL Financial Services LLC boosted its stake in Progressive Corporation (The) (NYSE:PGR) by 1.6% during the second quarter, Holdings Channel reports. The institutional investor owned 1,997,280 shares of the insurance provider’s stock after buying an additional 31,781 shares during the period. Progressive Corporation (The) accounts for 1.8% of HL Financial Services LLC’s portfolio, making the stock its 17th largest position. HL Financial Services LLC’s holdings in Progressive Corporation (The) were worth $88,060,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Creative Planning raised its stake in shares of Progressive Corporation (The) by 0.4% in the second quarter. Creative Planning now owns 5,723 shares of the insurance provider’s stock worth $252,000 after buying an additional 23 shares during the last quarter. Buckingham Asset Management LLC raised its stake in shares of Progressive Corporation (The) by 0.3% in the first quarter. Buckingham Asset Management LLC now owns 8,937 shares of the insurance provider’s stock worth $350,000 after buying an additional 25 shares during the last quarter. Financial Architects Inc raised its stake in shares of Progressive Corporation (The) by 0.4% in the second quarter. Financial Architects Inc now owns 18,187 shares of the insurance provider’s stock worth $801,000 after buying an additional 65 shares during the last quarter. Cleararc Capital Inc. raised its stake in shares of Progressive Corporation (The) by 0.6% in the first quarter. Cleararc Capital Inc. now owns 14,188 shares of the insurance provider’s stock worth $556,000 after buying an additional 90 shares during the last quarter. Finally, ING Groep NV raised its stake in shares of Progressive Corporation (The) by 0.3% in the second quarter. ING Groep NV now owns 39,707 shares of the insurance provider’s stock worth $1,751,000 after buying an additional 112 shares during the last quarter. Hedge funds and other institutional investors own 79.54% of the company’s stock.

Progressive Corporation (NYSE PGR) opened at 47.67 on Tuesday. The stock has a market cap of $27.70 billion, a price-to-earnings ratio of 20.29 and a beta of 0.86. The firm’s 50-day moving average price is $45.22 and its 200 day moving average price is $41.02. Progressive Corporation has a 12 month low of $30.54 and a 12 month high of $47.75.

Progressive Corporation (The) (NYSE:PGR) last issued its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Progressive Corporation (The) had a return on equity of 15.62% and a net margin of 5.50%. The firm had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.78 billion. During the same quarter in the prior year, the company posted $0.33 earnings per share. Progressive Corporation (The)’s quarterly revenue was up 13.7% compared to the same quarter last year. On average, analysts anticipate that Progressive Corporation will post $2.43 earnings per share for the current year.

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A number of brokerages recently commented on PGR. Wells Fargo & Company reaffirmed a “hold” rating on shares of Progressive Corporation (The) in a research note on Thursday, August 3rd. Deutsche Bank AG raised Progressive Corporation (The) from a “sell” rating to a “hold” rating and raised their price target for the stock from $35.00 to $40.00 in a research note on Wednesday, May 17th. Keefe, Bruyette & Woods raised Progressive Corporation (The) from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $39.00 to $45.00 in a research note on Monday, April 10th. Zacks Investment Research raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price target for the company in a research note on Monday, June 19th. Finally, Barclays PLC raised their price target on Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a research note on Monday, July 3rd. Two analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and two have given a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average price target of $44.79.

In other Progressive Corporation (The) news, Director Jeffrey D. Kelly sold 20,000 shares of the company’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $44.52, for a total value of $890,400.00. Following the completion of the sale, the director now directly owns 59,963 shares in the company, valued at approximately $2,669,552.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Steven Broz sold 1,100 shares of the company’s stock in a transaction on Monday, May 22nd. The stock was sold at an average price of $41.55, for a total value of $45,705.00. Following the completion of the sale, the insider now owns 8,955 shares of the company’s stock, valued at $372,080.25. The disclosure for this sale can be found here. Insiders sold a total of 71,100 shares of company stock valued at $3,168,605 over the last quarter. Company insiders own 0.56% of the company’s stock.

Progressive Corporation (The) 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 the Personal Lines, Commercial Lines and Property segments.

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Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)

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