Bessemer Group Inc. raised its position in Progressive Corporation (The) (NYSE:PGR) by 138.2% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 34,576 shares of the insurance provider’s stock after buying an additional 20,058 shares during the period. Bessemer Group Inc.’s holdings in Progressive Corporation (The) were worth $1,524,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in PGR. Cypress Capital Management LLC WY acquired a new stake in shares of Progressive Corporation (The) during the second quarter worth approximately $106,000. Howard Hughes Medical Institute acquired a new stake in shares of Progressive Corporation (The) during the first quarter worth approximately $110,000. Cornerstone Advisors Inc. raised its stake in shares of Progressive Corporation (The) by 4.1% in the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock worth $150,000 after buying an additional 133 shares in the last quarter. Wendell David Associates Inc. acquired a new stake in shares of Progressive Corporation (The) during the first quarter worth approximately $204,000. Finally, Intrust Bank NA acquired a new stake in shares of Progressive Corporation (The) during the first quarter worth approximately $205,000. 79.54% of the stock is currently owned by institutional investors and hedge funds.

Shares of Progressive Corporation (NYSE PGR) opened at 47.23 on Friday. The company has a market capitalization of $27.44 billion, a price-to-earnings ratio of 20.10 and a beta of 0.86. The firm’s 50-day moving average is $45.95 and its 200 day moving average is $41.56. Progressive Corporation has a 52-week low of $30.54 and a 52-week high of $48.04.

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

COPYRIGHT VIOLATION WARNING: “Bessemer Group Inc. Boosts Stake in Progressive Corporation (The) (PGR)” was originally reported by Daily Political and is the sole property of of Daily Political. If you are reading this piece on another website, it was stolen and republished in violation of US & international trademark & copyright laws. The correct version of this piece can be accessed at https://www.dailypolitical.com/2017/08/13/bessemer-group-inc-boosts-stake-in-progressive-corporation-the-pgr.html.

A number of brokerages have recently commented on PGR. Wells Fargo & Company reissued a “hold” rating on shares of Progressive Corporation (The) in a research report on Thursday, August 3rd. BidaskClub raised shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Friday. Zacks Investment Research raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price objective on the stock in a research report on Wednesday, August 2nd. Citigroup Inc. boosted their price objective on shares of Progressive Corporation (The) from $45.00 to $46.00 and gave the stock a “neutral” rating in a research report on Thursday, July 13th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $48.00 price objective on shares of Progressive Corporation (The) in a research report on Tuesday, July 25th. Two investment analysts have rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and three have assigned a strong buy rating to the company. Progressive Corporation (The) has a consensus rating of “Buy” and an average price target of $44.93.

In other news, Director Jeffrey D. Kelly sold 20,000 shares of Progressive Corporation (The) stock in a transaction on Monday, June 26th. The stock was sold at an average price of $44.52, for a total transaction of $890,400.00. Following the sale, the director now directly owns 59,963 shares in the company, valued at approximately $2,669,552.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider William M. Cody sold 50,000 shares of Progressive Corporation (The) stock in a transaction on Friday, June 16th. The stock was sold at an average price of $44.65, for a total value of $2,232,500.00. Following the sale, the insider now owns 151,051 shares in the company, valued at $6,744,427.15. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 71,100 shares of company stock worth $3,168,605. Company insiders own 0.56% of the company’s stock.

About Progressive Corporation (The)

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corporation (The) (NYSE:PGR).

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

Receive News & Ratings for Progressive Corporation (The) Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive Corporation (The) and related companies with MarketBeat.com's FREE daily email newsletter.