Cigna Investments Inc. New reduced its position in shares of Progressive Corporation (The) (NYSE:PGR) by 6.2% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 22,596 shares of the insurance provider’s stock after selling 1,497 shares during the period. Cigna Investments Inc. New’s holdings in Progressive Corporation (The) were worth $996,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of PGR. Cypress Capital Management LLC WY purchased a new position in shares of Progressive Corporation (The) during the second quarter worth approximately $106,000. Howard Hughes Medical Institute purchased a new position in shares of Progressive Corporation (The) during the first quarter worth approximately $110,000. IFP Advisors Inc raised its position in shares of 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 last quarter. Cornerstone Advisors Inc. raised its position in shares of 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 last quarter. Finally, Wendell David Associates Inc. purchased a new position in shares of Progressive Corporation (The) during the first quarter worth approximately $204,000. Institutional investors and hedge funds own 79.54% of the company’s stock.

Shares of Progressive Corporation (NYSE:PGR) opened at 47.71 on Friday. The stock has a 50 day moving average price of $45.86 and a 200-day moving average price of $41.48. The firm has a market capitalization of $27.72 billion, a price-to-earnings ratio of 20.30 and a beta of 0.86. Progressive Corporation has a 52 week low of $30.54 and a 52 week high of $48.04.

Progressive Corporation (The) (NYSE:PGR) last posted its quarterly 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 business had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. During the same period last year, the firm posted $0.33 EPS. Progressive Corporation (The)’s quarterly revenue was up 13.7% on a year-over-year basis. On average, equities research analysts forecast that Progressive Corporation will post $2.43 earnings per share for the current year.

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A number of research analysts recently commented on the company. Wells Fargo & Company restated a “hold” rating on shares of Progressive Corporation (The) in a research note on Thursday, August 3rd. Deutsche Bank AG upgraded Progressive Corporation (The) from a “sell” rating to a “hold” rating and increased their price objective for the stock from $35.00 to $40.00 in a research note on Wednesday, May 17th. Zacks Investment Research upgraded Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Monday, June 19th. Barclays PLC increased their price objective on Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a research note on Monday, July 3rd. Finally, Bank of America Corporation increased their price objective on Progressive Corporation (The) from $48.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 16th. Two analysts have rated the stock with a sell rating, five have given a hold rating, seven have given a buy rating and two have assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $44.79.

In other news, insider William M. Cody sold 50,000 shares of the business’s stock in a transaction on Friday, June 16th. The stock was sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the completion of the transaction, the insider now owns 151,051 shares of the company’s stock, valued at approximately $6,744,427.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Jeffrey D. Kelly sold 20,000 shares of the business’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $44.52, for a total value of $890,400.00. Following the transaction, 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 have sold a total of 71,100 shares of company stock valued at $3,168,605 in the last three months. 0.56% of the stock is owned by insiders.

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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