HL Financial Services LLC raised its position in Progressive Corp. (NYSE:PGR) by 4.6% during the second quarter, Holdings Channel reports. The fund owned 1,776,819 shares of the company’s stock after buying an additional 78,448 shares during the period. Progressive Corp. accounts for about 1.4% of HL Financial Services LLC’s portfolio, making the stock its 23rd largest position. HL Financial Services LLC’s holdings in Progressive Corp. were worth $59,523,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. RS Investment Management Co. LLC increased its position in Progressive Corp. by 4.0% in the second quarter. RS Investment Management Co. LLC now owns 4,593,043 shares of the company’s stock valued at $153,867,000 after buying an additional 177,602 shares during the last quarter. Coyle Financial Counsel LLC purchased a new position in Progressive Corp. during the second quarter valued at approximately $211,000. Bank of Montreal Can purchased a new position in Progressive Corp. during the second quarter valued at approximately $22,332,000. Financial Architects Inc increased its position in Progressive Corp. by 1,471.7% in the second quarter. Financial Architects Inc now owns 3,992 shares of the company’s stock valued at $134,000 after buying an additional 3,738 shares during the last quarter. Finally, Shell Asset Management Co. increased its position in Progressive Corp. by 17.4% in the second quarter. Shell Asset Management Co. now owns 202,174 shares of the company’s stock valued at $6,773,000 after buying an additional 29,895 shares during the last quarter. Hedge funds and other institutional investors own 76.60% of the company’s stock.

Shares of Progressive Corp. (NYSE:PGR) traded down 0.26% on Tuesday, reaching $31.02. 2,013,331 shares of the company traded hands. Progressive Corp. has a 1-year low of $29.32 and a 1-year high of $35.54. The stock has a 50-day moving average price of $32.58 and a 200 day moving average price of $33.08. The firm has a market capitalization of $18.05 billion, a P/E ratio of 17.23 and a beta of 0.75.

Progressive Corp. (NYSE:PGR) last issued its earnings results 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 return on equity of 13.57% and a net margin of 4.80%. The company earned $5.93 billion during the quarter. During the same quarter in the prior year, the company earned $0.62 EPS. The company’s revenue was up 13.1% compared to the same quarter last year. Analysts anticipate that Progressive Corp. will post $1.61 EPS for the current fiscal year.

Several research firms recently commented on PGR. Credit Suisse Group AG set a $28.00 price objective on Progressive Corp. and gave the company a “sell” rating in a research note on Saturday. Citigroup Inc. downgraded Progressive Corp. from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $36.00 to $31.00 in a research note on Thursday, June 2nd. FBR & Co reiterated a “hold” rating on shares of Progressive Corp. in a research note on Thursday, June 16th. Argus reiterated a “hold” rating and issued a $33.00 price objective on shares of Progressive Corp. in a research note on Monday, July 18th. Finally, Keefe, Bruyette & Woods upgraded Progressive Corp. from an “underperform” rating to a “market perform” rating and upped their price objective for the company from $29.00 to $31.00 in a research note on Thursday, September 15th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average price target of $32.14.

In related news, Director Bradley T. Sheares sold 19,564 shares of the firm’s stock in a transaction that occurred on Friday, June 24th. The shares were sold at an average price of $31.96, for a total value of $625,265.44. Following the sale, the director now owns 4,964 shares in the company, valued at $158,649.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider John A. Barbagallo sold 11,000 shares of the firm’s stock in a transaction that occurred on Tuesday, June 28th. The stock was sold at an average price of $31.50, for a total transaction of $346,500.00. Following the completion of the sale, the insider now owns 163,101 shares in the company, valued at approximately $5,137,681.50. The disclosure for this sale can be found here. 0.60% of the stock is currently owned by corporate insiders.

About Progressive Corp.

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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