Retirement Systems of Alabama boosted its position in shares of Progressive Corporation (The) (NYSE:PGR) by 0.3% during the second quarter, Holdings Channel reports. The fund owned 281,653 shares of the insurance provider’s stock after buying an additional 902 shares during the period. Retirement Systems of Alabama’s holdings in Progressive Corporation (The) were worth $12,418,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in the stock. Cypress Capital Management LLC WY purchased a new stake in shares of Progressive Corporation (The) during the second quarter worth about $106,000. Howard Hughes Medical Institute purchased a new stake in shares of Progressive Corporation (The) during the first quarter worth about $110,000. IFP Advisors Inc raised its stake 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 stake 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 stake in shares of Progressive Corporation (The) during the first quarter worth about $204,000. Hedge funds and other institutional investors own 79.54% of the company’s stock.

Shares of Progressive Corporation (NYSE PGR) opened at 48.04 on Thursday. The firm’s 50-day moving average price is $45.77 and its 200-day moving average price is $41.44. The stock has a market cap of $27.91 billion, a price-to-earnings ratio of 20.44 and a beta of 0.86. Progressive Corporation has a 12-month low of $30.54 and a 12-month high of $48.04.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by $0.01. Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The business had revenue of $6.75 billion during the quarter, compared to analysts’ expectations of $6.78 billion. During the same period in the prior year, the business earned $0.33 EPS. The business’s quarterly revenue was up 13.7% on a year-over-year basis. On average, analysts forecast that Progressive Corporation will post $2.43 EPS for the current fiscal year.

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A number of brokerages recently issued reports on PGR. BidaskClub lowered Progressive Corporation (The) from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Wells Fargo & Company reiterated a “hold” rating on shares of Progressive Corporation (The) in a report on Thursday, August 3rd. Zacks Investment Research lowered Progressive Corporation (The) from a “buy” rating to a “hold” rating in a report on Monday, July 31st. Keefe, Bruyette & Woods reiterated a “buy” rating and issued a $48.00 price target on shares of Progressive Corporation (The) in a report on Tuesday, July 25th. Finally, Citigroup Inc. boosted their price target on Progressive Corporation (The) from $45.00 to $46.00 and gave the company a “neutral” rating in a report on Thursday, July 13th. Two equities research analysts have rated the stock with a sell rating, five have issued a hold rating, seven have issued a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $44.79.

In other news, insider Steven Broz sold 1,100 shares of Progressive Corporation (The) stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $41.55, for a total transaction of $45,705.00. Following the completion of the sale, the insider now directly owns 8,955 shares of the company’s stock, valued at approximately $372,080.25. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Jeffrey D. Kelly sold 20,000 shares of Progressive Corporation (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 sale, the director now directly owns 59,963 shares of the company’s stock, valued at $2,669,552.76. The disclosure for this sale can be found here. Insiders 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 currently owned by corporate insiders.

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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