Sigma Investment Counselors Inc. Has $447,000 Stake in Progressive Corporation (The) (NYSE:PGR)

Sigma Investment Counselors Inc. held its position in Progressive Corporation (The) (NYSE:PGR) during the second quarter, Holdings Channel reports. The institutional investor owned 10,128 shares of the insurance provider’s stock at the end of the second quarter. Sigma Investment Counselors Inc.’s holdings in Progressive Corporation (The) were worth $447,000 as of its most recent SEC filing.

Other institutional investors also recently added to or reduced their stakes in the company. Cypress Capital Management LLC WY bought a new position in Progressive Corporation (The) during the second quarter valued at $106,000. Howard Hughes Medical Institute bought a new position in Progressive Corporation (The) during the first quarter valued at $110,000. IFP Advisors Inc increased its position in Progressive Corporation (The) by 12.9% in the second quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after buying an additional 341 shares during the last quarter. Cornerstone Advisors Inc. increased its position in Progressive Corporation (The) by 4.1% in the second quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock valued at $150,000 after buying an additional 133 shares during the last quarter. Finally, Wendell David Associates Inc. bought a new position in Progressive Corporation (The) during the first quarter valued at $204,000. 79.54% of the stock is owned by institutional investors.

Progressive Corporation (NYSE PGR) opened at 48.04 on Thursday. The firm has a market cap of $27.91 billion, a PE ratio of 20.44 and a beta of 0.86. The firm’s 50 day moving average price is $45.77 and its 200-day moving average price is $41.44. Progressive Corporation has a 52 week low of $30.54 and a 52 week high of $48.04.

Progressive Corporation (The) (NYSE:PGR) last released its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 earnings per share (EPS) for the quarter, missing the Zacks’ 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 firm had revenue of $6.75 billion for the quarter, compared to the consensus estimate of $6.78 billion. During the same quarter last year, the company earned $0.33 earnings per share. The firm’s 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 year.

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PGR has been the subject of several recent research reports. MKM Partners reissued 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 restated a “buy” rating and set a $48.00 price objective on shares of Progressive Corporation (The) in a report on Thursday, May 18th. Bank of America Corporation raised their price objective on Progressive Corporation (The) from $48.00 to $49.00 and gave the stock a “buy” rating in a report on Friday, June 16th. Zacks Investment Research upgraded Progressive Corporation (The) from a “hold” rating to a “buy” rating and set a $50.00 price objective on the stock in a report on Monday, June 19th. Finally, BidaskClub cut Progressive Corporation (The) from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Two 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 stock presently has an average rating of “Buy” and an average price target of $44.79.

In other Progressive Corporation (The) news, insider William M. Cody sold 50,000 shares of the company’s stock in a transaction dated Friday, June 16th. The shares were sold at an average price of $44.65, for a total transaction of $2,232,500.00. Following the completion of the sale, the insider now directly owns 151,051 shares in the company, valued at $6,744,427.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, 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 transaction of $890,400.00. Following the sale, the director now 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 have sold 71,100 shares of company stock valued at $3,168,605 over the last 90 days. Corporate 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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