Bonness Enterprises Inc Lowers stake in Progressive Corp (PGR)

Progressive Corp (PGR) : Bonness Enterprises Inc reduced its stake in Progressive Corp by 1.61% during the most recent quarter end. The investment management company now holds a total of 610,608 shares of Progressive Corp which is valued at $20,412,625 after selling 10,000 shares in Progressive Corp , the firm said in a disclosure report filed with the SEC on Apr 11, 2016.Progressive Corp makes up approximately 17.58% of Bonness Enterprises Inc’s portfolio.

Progressive Corp closed down -0.14 points or -0.42% at $33.43 with 41,64,573 shares getting traded on Friday. Post opening the session at $33.52, the shares hit an intraday low of $33.23 and an intraday high of $33.54 and the price fluctuated in this range throughout the day.Shares ended Friday session in Red.

Other Hedge Funds, Including , Exxonmobil Investment Management Inc Tx boosted its stake in PGR in the latest quarter, The investment management firm added 11,259 additional shares and now holds a total of 142,270 shares of Progressive Corp which is valued at $4,756,086. Progressive Corp makes up approx 0.11% of Exxonmobil Investment Management Inc Tx’s portfolio.British Columbia Investment Management Corp reduced its stake in PGR by selling 37,459 shares or 10.23% in the most recent quarter. The Hedge Fund company now holds 328,568 shares of PGR which is valued at $11,263,311. Progressive Corp makes up approx 0.11% of British Columbia Investment Management Corp’s portfolio.Proficio Capital Partners reduced its stake in PGR by selling 34 shares or 29.82% in the most recent quarter. The Hedge Fund company now holds 80 shares of PGR which is valued at $2,742.Chevy Chase Trust Holdings boosted its stake in PGR in the latest quarter, The investment management firm added 11,236 additional shares and now holds a total of 498,262 shares of Progressive Corp which is valued at $17,080,421. Progressive Corp makes up approx 0.10% of Chevy Chase Trust Holdings’s portfolio.

On the company’s financial health, Progressive Corp reported $0.44 EPS for the quarter, missing the analyst consensus estimate by $ -0.07 based on the information available during the earnings call on Apr 14, 2016. Analyst had a consensus of $0.51. The company had revenue of $5818.00 million for the quarter, compared to analysts expectations of $5788.31 million. The company’s revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.50 EPS.

Many Wall Street Analysts have commented on Progressive Corp. Company shares were Reiterated by Deutsche Bank on Mar 17, 2016 to “Sell”, Firm has raised the Price Target to $ 29 from a previous price target of $28 .Progressive Corp was Downgraded by Bernstein to ” Mkt Perform” on Jan 19, 2016.

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and mutual insurance company affiliate provide personal auto insurance commercial auto and truck insurance principally for small businesses and other specialty property-casualty insurance and related services. The Company’s property-casualty insurance products protect its customers against losses due to collision and physical damage to their motor vehicles uninsured and underinsured bodily injury and liability to others for personal injury or property damage arising out of the use of those vehicles. Its non-insurance subsidiaries and limited partnership investment affiliate support its insurance and investment operations.

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