Prudential Financial Inc. decreased its stake in shares of Progressive Corporation (The) (NYSE:PGR) by 30.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 912,223 shares of the insurance provider’s stock after selling 404,002 shares during the period. Prudential Financial Inc. owned about 0.16% of Progressive Corporation (The) worth $40,220,000 as of its most recent SEC filing.

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 valued at $106,000. 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 valued at $132,000 after buying an additional 341 shares in the last quarter. 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 valued at $150,000 after buying an additional 133 shares in the last quarter. Dupont Capital Management Corp bought a new stake in Progressive Corporation (The) during the second quarter valued at $186,000. Finally, TRUE Private Wealth Advisors bought a new stake in Progressive Corporation (The) during the second quarter valued at $200,000. 79.40% of the stock is owned by hedge funds and other institutional investors.

Progressive Corporation (NYSE:PGR) opened at 46.57 on Thursday. Progressive Corporation has a one year low of $30.54 and a one year high of $49.01. The stock has a market capitalization of $27.06 billion, a price-to-earnings ratio of 19.82 and a beta of 0.86. The company’s 50-day moving average is $47.02 and its 200 day moving average is $42.35.

Progressive Corporation (The) (NYSE:PGR) last posted its earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing analysts’ consensus estimates 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 for 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 for the quarter was up 13.7% on a year-over-year basis. Equities analysts expect that Progressive Corporation will post $2.53 EPS for the current year.

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Several research firms have recently weighed in on PGR. BidaskClub raised shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Friday, August 11th. Citigroup Inc. lifted their price target on shares of Progressive Corporation (The) from $49.00 to $50.00 and gave the company a “neutral” rating in a research note on Thursday, August 17th. Wells Fargo & Company reaffirmed a “hold” rating on shares of Progressive Corporation (The) in a research note on Thursday, August 3rd. Zacks Investment Research raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $53.00 price target for the company in a research note on Wednesday, August 2nd. Finally, Barclays PLC lifted their price target on shares of Progressive Corporation (The) from $39.00 to $41.00 and gave the company an “underweight” rating in a research note on Friday, August 11th. Two 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 stock. The company presently has a consensus rating of “Buy” and an average price target of $45.21.

In other news, CFO John P. Sauerland sold 50,000 shares of the business’s stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $48.65, for a total transaction of $2,432,500.00. Following the transaction, the chief financial officer now directly owns 370,364 shares of the company’s stock, valued at $18,018,208.60. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 1,250 shares of the business’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $48.73, for a total transaction of $60,912.50. Following the transaction, the insider now directly owns 12,181 shares in the company, valued at $593,580.13. The disclosure for this sale can be found here. Over the last three months, insiders have sold 156,250 shares of company stock worth $7,319,413. Corporate 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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