United Advisor Group LLC Cuts Position in The Progressive Corporation $PGR

United Advisor Group LLC lessened its position in The Progressive Corporation (NYSE:PGR) by 14.8% during the second quarter, Holdings Channel reports. The fund owned 6,150 shares of the insurance provider’s stock after selling 1,066 shares during the period. United Advisor Group LLC’s holdings in Progressive were worth $1,641,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in PGR. New York Life Investment Management LLC raised its stake in shares of Progressive by 1.4% in the second quarter. New York Life Investment Management LLC now owns 87,760 shares of the insurance provider’s stock worth $23,420,000 after purchasing an additional 1,192 shares during the last quarter. Baron Silver Stevens Financial Advisors LLC purchased a new stake in shares of Progressive during the second quarter valued at $306,000. Wakefield Asset Management LLLP increased its holdings in Progressive by 199.0% in the 2nd quarter. Wakefield Asset Management LLLP now owns 9,411 shares of the insurance provider’s stock worth $2,511,000 after buying an additional 6,263 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al bought a new stake in Progressive in the 2nd quarter worth about $13,583,000. Finally, Whalen Wealth Management Inc. purchased a new position in Progressive in the 2nd quarter worth about $647,000. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Weiss Ratings downgraded shares of Progressive from a “buy (b-)” rating to a “hold (c+)” rating in a report on Friday. Wells Fargo & Company dropped their target price on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating on the stock in a report on Thursday, October 16th. Morgan Stanley set a $214.00 target price on shares of Progressive and gave the stock an “underweight” rating in a research report on Monday, October 20th. Bank of America boosted their target price on shares of Progressive from $350.00 to $351.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Finally, UBS Group dropped their price target on Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and an average price target of $265.96.

Insider Buying and Selling

In other news, insider Patrick K. Callahan sold 6,420 shares of the firm’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the transaction, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. This trade represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of Progressive stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the transaction, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders have sold 51,782 shares of company stock worth $12,708,788. Corporate insiders own 0.34% of the company’s stock.

Progressive Trading Up 0.1%

Shares of Progressive stock opened at $225.30 on Tuesday. The Progressive Corporation has a 1-year low of $199.90 and a 1-year high of $292.99. The company’s fifty day simple moving average is $230.61 and its 200-day simple moving average is $249.82. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The stock has a market capitalization of $132.11 billion, a PE ratio of 12.36, a P/E/G ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The company had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter last year, the company earned $3.58 earnings per share. As a group, equities analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.