ProShare Advisors LLC lessened its position in shares of Progressive Corporation (The) (NYSE:PGR) by 1.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 187,303 shares of the insurance provider’s stock after selling 3,349 shares during the quarter. ProShare Advisors LLC’s holdings in Progressive Corporation (The) were worth $8,258,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Acadian Asset Management LLC raised its position in shares of Progressive Corporation (The) by 1,665.4% during the 1st quarter. Acadian Asset Management LLC now owns 7,644 shares of the insurance provider’s stock valued at $300,000 after buying an additional 7,211 shares during the period. Advisors Asset Management Inc. raised its position in shares of Progressive Corporation (The) by 5.2% during the 1st quarter. Advisors Asset Management Inc. now owns 12,311 shares of the insurance provider’s stock valued at $482,000 after buying an additional 611 shares during the period. UBS Asset Management Americas Inc. raised its position in shares of Progressive Corporation (The) by 10.1% during the 1st quarter. UBS Asset Management Americas Inc. now owns 1,616,026 shares of the insurance provider’s stock valued at $63,316,000 after buying an additional 147,842 shares during the period. Pioneer Investment Management Inc. purchased a new stake in shares of Progressive Corporation (The) during the 1st quarter valued at approximately $1,845,000. Finally, Zweig DiMenna Associates LLC raised its position in shares of Progressive Corporation (The) by 152.5% during the 1st quarter. Zweig DiMenna Associates LLC now owns 552,234 shares of the insurance provider’s stock valued at $21,637,000 after buying an additional 333,549 shares during the period. 79.41% of the stock is currently owned by hedge funds and other institutional investors.

PGR has been the topic of several analyst reports. Zacks Investment Research raised shares of Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price target on the stock in a research report on Monday, June 19th. Bank of America Corporation lifted their price target on shares of Progressive Corporation (The) from $48.00 to $49.00 and gave the company a “buy” rating in a research report on Friday, June 16th. MKM Partners reaffirmed a “buy” rating and set a $50.00 price target (up previously from $45.00) on shares of Progressive Corporation (The) in a research report on Friday, June 9th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $48.00 price target on shares of Progressive Corporation (The) in a research report on Tuesday, July 25th. Finally, BidaskClub lowered shares of Progressive Corporation (The) from a “strong-buy” rating to a “buy” 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, seven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $45.50.

Progressive Corporation (NYSE:PGR) traded up 2.92% during trading on Tuesday, hitting $47.66. 962,124 shares of the company’s stock traded hands. Progressive Corporation has a 12-month low of $30.63 and a 12-month high of $49.01. The stock has a market cap of $27.69 billion, a P/E ratio of 20.28 and a beta of 0.88. The firm’s 50-day moving average price is $47.11 and its 200 day moving average price is $43.23.

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 consensus estimate 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 business 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 company earned $0.33 EPS. Progressive Corporation (The)’s revenue was up 13.7% on a year-over-year basis. Analysts anticipate that Progressive Corporation will post $2.47 earnings per share for the current fiscal year.

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In other news, CFO John P. Sauerland sold 50,000 shares of the stock in a transaction on Thursday, August 17th. The shares were sold at an average price of $48.65, for a total value of $2,432,500.00. Following the completion of the sale, the chief financial officer now owns 370,364 shares of the company’s stock, valued at $18,018,208.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Jeffrey D. Kelly sold 20,000 shares of the stock in a transaction on Monday, June 26th. The stock was sold at an average price of $44.52, for a total transaction of $890,400.00. Following the completion of the sale, the director now directly owns 59,963 shares of the company’s stock, valued at approximately $2,669,552.76. The disclosure for this sale can be found here. Insiders sold 106,250 shares of company stock valued at $5,086,913 in the last three months. Company 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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