Trexquant Investment LP decreased its stake in Progressive Corporation (The) (NYSE:PGR) by 85.7% during the second quarter, Holdings Channel reports. The fund owned 11,600 shares of the insurance provider’s stock after selling 69,400 shares during the period. Trexquant Investment LP’s holdings in Progressive Corporation (The) were worth $511,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the company. Cypress Capital Management LLC WY acquired a new stake in shares of Progressive Corporation (The) during the second quarter valued at approximately $106,000. Howard Hughes Medical Institute acquired a new stake in shares of Progressive Corporation (The) during the first quarter valued at approximately $110,000. IFP Advisors Inc increased its stake in shares of Progressive Corporation (The) by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after buying an additional 341 shares during the last quarter. Cornerstone Advisors Inc. increased 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 valued at $150,000 after buying an additional 133 shares during the last quarter. Finally, Wendell David Associates Inc. acquired a new stake in shares of Progressive Corporation (The) during the first quarter valued at approximately $204,000. 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. Progressive Corporation has a 1-year low of $30.54 and a 1-year high of $48.04. The firm has a 50 day moving average price of $45.95 and a 200 day moving average price of $41.56. The firm has a market cap of $27.44 billion, a P/E ratio of 20.10 and a beta of 0.86.

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

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Several analysts recently commented on the company. 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 objective for the stock from $35.00 to $40.00 in a research note on Wednesday, May 17th. Zacks Investment Research raised Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a research note on Monday, June 19th. Barclays PLC raised their price objective 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. Finally, Bank of America Corporation raised their price objective on Progressive Corporation (The) from $48.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 16th. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, six have assigned a buy rating and three have issued a strong buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $44.93.

In other news, insider William M. Cody sold 50,000 shares of the stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the transaction, the insider now owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 1,100 shares of the stock in a transaction dated Monday, May 22nd. The stock was sold at an average price of $41.55, for a total transaction of $45,705.00. Following the transaction, the insider now directly owns 8,955 shares in the company, valued at approximately $372,080.25. The disclosure for this sale can be found here. Insiders have sold a total of 71,100 shares of company stock worth $3,168,605 in the last three months. 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.

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

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