Nicholas Investment Partners LP reduced its position in Progressive Corporation (The) (NYSE:PGR) by 7.2% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 200,247 shares of the insurance provider’s stock after selling 15,575 shares during the quarter. Progressive Corporation (The) makes up about 0.6% of Nicholas Investment Partners LP’s investment portfolio, making the stock its 29th largest holding. Nicholas Investment Partners LP’s holdings in Progressive Corporation (The) were worth $8,829,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Acadian Asset Management LLC boosted its position in shares of Progressive Corporation (The) by 1,665.4% in the first quarter. Acadian Asset Management LLC now owns 7,644 shares of the insurance provider’s stock worth $300,000 after purchasing an additional 7,211 shares during the period. Advisors Asset Management Inc. boosted its position in shares of Progressive Corporation (The) by 5.2% in the first quarter. Advisors Asset Management Inc. now owns 12,311 shares of the insurance provider’s stock worth $482,000 after purchasing an additional 611 shares during the period. UBS Asset Management Americas Inc. boosted its position in shares of Progressive Corporation (The) by 10.1% in the first quarter. UBS Asset Management Americas Inc. now owns 1,616,026 shares of the insurance provider’s stock worth $63,316,000 after purchasing an additional 147,842 shares during the period. Marble Harbor Investment Counsel LLC boosted its position in shares of Progressive Corporation (The) by 1.1% in the first quarter. Marble Harbor Investment Counsel LLC now owns 101,911 shares of the insurance provider’s stock worth $3,993,000 after purchasing an additional 1,080 shares during the period. Finally, Pioneer Investment Management Inc. bought a new position in shares of Progressive Corporation (The) in the first quarter worth approximately $1,845,000. Institutional investors and hedge funds own 79.41% of the company’s stock.

Shares of Progressive Corporation (PGR) traded up 0.54% during midday trading on Monday, hitting $46.27. 975,852 shares of the stock traded hands. The stock has a market cap of $26.89 billion, a price-to-earnings ratio of 19.69 and a beta of 0.88. Progressive Corporation has a 12-month low of $30.62 and a 12-month high of $49.01. The company’s 50 day moving average price is $47.14 and its 200-day moving average price is $43.13.

Progressive Corporation (The) (NYSE:PGR) last announced its quarterly earnings results 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). The firm had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The company’s revenue was up 13.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.33 EPS. On average, equities research analysts expect that Progressive Corporation will post $2.47 EPS for the current year.

PGR has been the subject of a number of research reports. UBS AG upgraded shares of Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating in a research report on Thursday, July 13th. BidaskClub upgraded shares of Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research report on Friday, August 11th. Raymond James Financial, Inc. upgraded shares of Progressive Corporation (The) from an “outperform” rating to a “strong-buy” rating and upped their target price for the stock from $45.00 to $52.00 in a research report on Thursday, July 13th. FBR & Co upped their target price on shares of Progressive Corporation (The) from $36.00 to $40.00 and gave the stock a “mkt perform” rating in a research report on Tuesday, July 11th. Finally, Zacks Investment Research lowered shares of Progressive Corporation (The) from a “buy” rating to a “hold” rating in a research report on Monday, July 31st. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, six have issued a buy rating and three have issued a strong buy rating to the stock. The company currently has an average rating of “Buy” and an average target price of $44.87.

In other Progressive Corporation (The) news, Director Jeffrey D. Kelly sold 20,000 shares of the company’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $44.52, for a total value of $890,400.00. Following the transaction, the director now owns 59,963 shares of the company’s stock, valued at $2,669,552.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 1,250 shares of the company’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $48.73, for a total transaction of $60,912.50. Following the completion of the transaction, the insider now directly owns 12,181 shares in the company, valued at approximately $593,580.13. The disclosure for this sale can be found here. In the last three months, insiders have sold 106,250 shares of company stock worth $5,086,913. Corporate insiders own 0.56% of the company’s stock.

WARNING: This news story was published by The Cerbat Gem and is the sole property of of The Cerbat Gem. If you are accessing this news story on another site, it was stolen and reposted in violation of U.S. & international copyright laws. The correct version of this news story can be read at https://www.thecerbatgem.com/2017/09/18/progressive-corporation-the-pgr-holdings-decreased-by-nicholas-investment-partners-lp.html.

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.

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 & Stock 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 stocks with our FREE daily email newsletter.