Usca Ria LLC acquired a new position in Progressive Corporation (The) (NYSE:PGR) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 67,787 shares of the insurance provider’s stock, valued at approximately $2,989,000.

Other hedge funds also recently bought and sold shares of the company. Cypress Capital Management LLC WY bought a new stake in Progressive Corporation (The) during the second quarter worth about $106,000. Howard Hughes Medical Institute bought a new stake in Progressive Corporation (The) during the first quarter worth about $110,000. IFP Advisors Inc increased its stake in Progressive Corporation (The) by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock worth $132,000 after buying an additional 341 shares during the period. Cornerstone Advisors Inc. increased its stake in 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 during the period. Finally, Dupont Capital Management Corp bought a new stake in Progressive Corporation (The) during the second quarter worth about $186,000. Institutional investors and hedge funds own 80.32% of the company’s stock.

Progressive Corporation (PGR) traded up 0.60% during trading on Friday, hitting $48.55. 340,285 shares of the stock traded hands. The firm has a 50-day moving average price of $46.91 and a 200 day moving average price of $42.27. Progressive Corporation has a 52-week low of $30.54 and a 52-week high of $49.01. The company has a market cap of $28.21 billion, a P/E ratio of 20.66 and a beta of 0.86.

Progressive Corporation (The) (NYSE:PGR) last announced its quarterly earnings results 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. 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 during the quarter, compared to analyst estimates of $6.78 billion. During the same period in the previous year, the firm posted $0.33 earnings per share. The company’s revenue was up 13.7% compared to the same quarter last year. On average, equities analysts expect that Progressive Corporation will post $2.53 EPS for the current year.

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A number of research firms recently issued reports on PGR. Wells Fargo & Company restated a “hold” rating on shares of Progressive Corporation (The) in a report on Thursday, August 3rd. Deutsche Bank AG upgraded shares of 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 report on Wednesday, May 17th. Zacks Investment Research upgraded shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a report on Monday, June 19th. Citigroup Inc. raised their price objective on shares of Progressive Corporation (The) from $49.00 to $50.00 and gave the stock a “neutral” rating in a report on Thursday, August 17th. Finally, Barclays PLC raised their price objective on shares of Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a report on Monday, July 3rd. Two analysts have rated the stock with a sell rating, five have assigned a hold rating, six have assigned a buy rating and three have assigned a strong buy rating to the stock. Progressive Corporation (The) presently has a consensus rating of “Buy” and a consensus price target of $45.21.

In other Progressive Corporation (The) news, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction that occurred 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 completion of the transaction, the insider now directly owns 151,051 shares of the company’s stock, valued at $6,744,427.15. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 1,250 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The shares were sold at an average price of $48.73, for a total value of $60,912.50. Following the completion of the transaction, the insider now directly owns 12,181 shares of the company’s stock, valued at $593,580.13. The disclosure for this sale can be found here. Insiders sold 156,250 shares of company stock valued at $7,319,413 over the last three months. 0.56% of the stock is currently owned by corporate insiders.

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.

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

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