Handelsbanken Fonder Ab Lowers stake in Progressive Corp (PGR)

Progressive Corp (PGR) : Handelsbanken Fonder Ab reduced its stake in Progressive Corp by 13.22% during the most recent quarter end. The investment management company now holds a total of 918,617 shares of Progressive Corp which is valued at $30,167,382 after selling 140,000 shares in Progressive Corp , the firm said in a disclosure report filed with the SEC on Jul 15, 2016.Progressive Corp makes up approximately 1.19% of Handelsbanken Fonder Ab’s portfolio.

Other Hedge Funds, Including , Nn Investment Partners Holdings N.v. boosted its stake in PGR in the latest quarter, The investment management firm added 5,600 additional shares and now holds a total of 18,109 shares of Progressive Corp which is valued at $602,486. Progressive Corp makes up approx 0.01% of Nn Investment Partners Holdings N.v.’s portfolio.Bnp Paribas Arbitrage Sa reduced its stake in PGR by selling 189,435 shares or 46.93% in the most recent quarter. The Hedge Fund company now holds 214,243 shares of PGR which is valued at $7,217,847. Progressive Corp makes up approx 0.03% of Bnp Paribas Arbitrage Sa’s portfolio.

Progressive Corp closed down -0.26 points or -0.79% at $32.84 with 23,37,774 shares getting traded on Monday. Post opening the session at $33, the shares hit an intraday low of $32.8 and an intraday high of $33.09 and the price fluctuated in this range throughout the day.Shares ended Monday 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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