Todays Report: Today, Alps Advisors Inc. Sold shares of Progressive Corp. (PGR)

Today, Alps Advisors Inc. Sold shares of Progressive Corp. (PGR)

Alps Advisors Inc. decreased its position in Progressive Corp. (NYSE:PGR) by 4.2% during the second quarter, Holdings Channel reports. The institutional investor owned 13,358 shares of the company’s stock after selling 591 shares during the period. Alps Advisors Inc.’s holdings in Progressive Corp. were worth $447,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Conning Inc. increased its position in Progressive Corp. by 1.5% in the second quarter. Conning Inc. now owns 13,607 shares of the company’s stock worth $456,000 after buying an additional 200 shares in the last quarter. Advisor Partners LLC increased its position in Progressive Corp. by 2.7% in the first quarter. Advisor Partners LLC now owns 7,968 shares of the company’s stock worth $280,000 after buying an additional 206 shares in the last quarter. IBM Retirement Fund increased 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. Private Bank & Trust Co. increased its position in Progressive Corp. by 1.4% in the second quarter. Private Bank & Trust Co. now owns 25,525 shares of the company’s stock worth $855,000 after buying an additional 355 shares in the last quarter. Finally, Candriam Luxembourg S.C.A. increased its position in Progressive Corp. by 1.4% in the second quarter. Candriam Luxembourg S.C.A. now owns 49,766 shares of the company’s stock worth $1,667,000 after buying an additional 671 shares in the last quarter. Hedge funds and other institutional investors 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 had a trading volume of 3,911,944 shares. The stock has a market capitalization of $18.06 billion, a PE ratio of 17.24 and a beta of 0.73. The stock’s 50-day moving average price is $31.75 and its 200-day moving average price is $32.90. Progressive Corp. has a 12 month low of $29.32 and a 12 month high of $35.54.

Progressive Corp. (NYSE:PGR) last announced its quarterly earnings data on Thursday, July 14th. The company reported $0.33 earnings per share (EPS) 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 firm had revenue of $5.93 billion for the quarter. During the same quarter in the prior year, the firm earned $0.62 EPS. The firm’s quarterly revenue was up 13.1% compared to the same quarter last year. Equities analysts forecast that Progressive Corp. will post $1.60 earnings per share for the current fiscal year.

A number of research firms recently issued reports on PGR. Credit Suisse Group AG set a $28.00 price target on Progressive Corp. and gave the stock a “sell” rating in a research note on Saturday, September 17th. Argus reaffirmed a “hold” rating and set a $33.00 price objective on shares of Progressive Corp. in a research report on Monday, July 18th. Zacks Investment Research cut Progressive Corp. from a “hold” rating to a “sell” rating in a research report on Wednesday, August 3rd. MKM Partners reaffirmed a “buy” rating and set a $40.00 price objective on shares of Progressive Corp. in a research report on Thursday, June 23rd. Finally, FBR & Co reaffirmed a “hold” rating on shares of Progressive Corp. in a research report on Thursday, June 16th. Five analysts have rated the stock with a sell rating, five have assigned a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $32.16.

In other news, insider John A. Barbagallo sold 24,000 shares of the company’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 transaction of $792,240.00. Following the completion of the transaction, the insider now directly owns 148,139 shares of the company’s stock, valued at $4,890,068.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,500 shares of the company’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $33.17, for a total value of $82,925.00. Following the transaction, the insider now directly owns 9,420 shares of the company’s stock, valued at $312,461.40. The disclosure for this sale can be found here. Company insiders own 0.60% of the company’s stock.

Progressive Corp. 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 Personal Lines, Commercial Lines and Property segments.

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