Zweig Advisers Lowers stake in Progressive Corp (PGR)

Progressive Corp (PGR) : Zweig Advisers reduced its stake in Progressive Corp by 4.46% during the most recent quarter end. The investment management company now holds a total of 343,000 shares of Progressive Corp which is valued at $11,651,710 after selling 16,000 shares in Progressive Corp , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Progressive Corp makes up approximately 1.86% of Zweig Advisers’s portfolio.

Other Hedge Funds, Including , Jane Street Group sold out all of its stake in PGR during the most recent quarter. The investment firm sold 7,328 shares of PGR which is valued $248,932.Johnson Financial Group boosted its stake in PGR in the latest quarter, The investment management firm added 10,900 additional shares and now holds a total of 27,194 shares of Progressive Corp which is valued at $923,780. Progressive Corp makes up approx 0.12% of Johnson Financial Group’s portfolio.Winslow Asset Management Inc reduced its stake in PGR by selling 400 shares or 0.62% in the most recent quarter. The Hedge Fund company now holds 64,550 shares of PGR which is valued at $2,203,737. Progressive Corp makes up approx 0.47% of Winslow Asset Management Inc’s portfolio.Mn Services Vermogensbeheer B.v. boosted its stake in PGR in the latest quarter, The investment management firm added 228 additional shares and now holds a total of 14,762 shares of Progressive Corp which is valued at $503,679. Progressive Corp makes up approx 0.10% of Mn Services Vermogensbeheer B.v.’s portfolio.Ngam Advisors reduced its stake in PGR by selling 15,898 shares or 25.28% in the most recent quarter. The Hedge Fund company now holds 46,993 shares of PGR which is valued at $1,551,239. Progressive Corp makes up approx 0.02% of Ngam Advisors’s portfolio.

Progressive Corp closed down -0.03 points or -0.09% at $32.32 with 2,810,180 shares getting traded on Wednesday. Post opening the session at $32.36, the shares hit an intraday low of $32.04 and an intraday high of $32.38 and the price fluctuated in this range throughout the day.Shares ended Wednesday session in Red.

On the company’s financial health, Progressive Corp reported $0.33 EPS for the quarter, beating the analyst consensus estimate by $ 0.01 according to the earnings call on Jul 14, 2016. Analyst had a consensus of $0.32. The company had revenue of $5934.60 million for the quarter, compared to analysts expectations of $5822.68 million. The company’s revenue was up 13.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.62 EPS.

Many Wall Street Analysts have commented on Progressive Corp. Progressive Corp was Downgraded by Citigroup to ” Sell” on Jun 2, 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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