First Houston Capital Lowers stake in Progressive Corp (PGR)

Progressive Corp (PGR) : First Houston Capital reduced its stake in Progressive Corp by 8.85% during the most recent quarter end. The investment management company now holds a total of 75,200 shares of Progressive Corp which is valued at $2,554,544 after selling 7,300 shares in Progressive Corp , the firm said in a disclosure report filed with the SEC on Aug 15, 2016.Progressive Corp makes up approximately 2.31% of First Houston Capital’s portfolio.

Other Hedge Funds, Including , Two Sigma Advisers Lp added PGR to its portfolio by purchasing 691,589 company shares during the most recent quarter which is valued at $23,493,278. Progressive Corp makes up approx 0.11% of Two Sigma Advisers Lp’s portfolio.Winton Capital Group Ltd reduced its stake in PGR by selling 322,063 shares or 31.42% in the most recent quarter. The Hedge Fund company now holds 703,034 shares of PGR which is valued at $23,882,065. Progressive Corp makes up approx 0.37% of Winton Capital Group Ltd’s portfolio.Raymond James Financial Services Advisors reduced its stake in PGR by selling 47,368 shares or 80.78% in the most recent quarter. The Hedge Fund company now holds 11,268 shares of PGR which is valued at $382,774.Hightower Advisors reduced its stake in PGR by selling 2,135 shares or 26.22% in the most recent quarter. The Hedge Fund company now holds 6,007 shares of PGR which is valued at $204,058.Neuberger Berman Group reduced its stake in PGR by selling 932,634 shares or 7.15% in the most recent quarter. The Hedge Fund company now holds 12,107,909 shares of PGR which is valued at $413,121,855. Progressive Corp makes up approx 0.55% of Neuberger Berman Group’s portfolio.

Progressive Corp closed down -0.04 points or -0.12% at $32.52 with 22,99,338 shares getting traded on Thursday. Post opening the session at $32.58, the shares hit an intraday low of $32.32 and an intraday high of $32.72 and the price fluctuated in this range throughout the day.Shares ended Thursday 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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