CoreCap Advisors LLC Sells 22,011 Shares of The Progressive Corporation $PGR

Key Points

• CoreCap Advisors LLC cut its Progressive stake by 94.7% in the second quarter, selling 22,011 shares and retaining 1,241 shares valued at approximately $271,000.
• Institutional investors own 85.34% of Progressive, with several major firms—including Norges Bank, Wellington Management and Arrowstreet Capital—substantially increasing their positions.
• Progressive shares opened at $213.68, while analysts maintained a consensus “Hold” rating with an average price target of $235.26; company insiders have sold 74,885 shares worth about $15.9 million over the past three months.

CoreCap Advisors LLC trimmed its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 94.7% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,241 shares of the insurance provider's stock after selling 22,011 shares during the period. CoreCap Advisors LLC's holdings in Progressive were worth $271,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Norges Bank acquired a new position in Progressive during the 4th quarter worth $1,836,094,000. Wellington Management Group LLP increased its stake in shares of Progressive by 181.8% in the 4th quarter. Wellington Management Group LLP now owns 6,506,302 shares of the insurance provider's stock valued at $1,481,615,000 after buying an additional 4,197,212 shares during the period. Diamant Asset Management Inc. increased its stake in shares of Progressive by 19,724.0% in the 1st quarter. Diamant Asset Management Inc. now owns 4,068,876 shares of the insurance provider's stock valued at $806,614,000 after buying an additional 4,048,351 shares during the period. Life Cycle Investment Partners Ltd bought a new stake in shares of Progressive during the fourth quarter worth $353,906,000. Finally, Arrowstreet Capital Limited Partnership raised its position in shares of Progressive by 193.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 2,206,742 shares of the insurance provider's stock worth $502,519,000 after acquiring an additional 1,454,111 shares during the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Trading Down 0.8%

NYSE PGR opened at $213.68 on Tuesday. The Progressive Corporation has a 12 month low of $189.20 and a 12 month high of $254.93. The stock has a 50-day simple moving average of $213.41 and a 200 day simple moving average of $206.36. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $124.23 billion, a PE ratio of 10.72, a P/E/G ratio of 2.90 and a beta of 0.27.

Wall Street Analyst Weigh In

A number of analysts recently commented on PGR shares. BMO Capital Markets lowered their price objective on Progressive from $220.00 to $205.00 and set a "market perform" rating for the company in a research report on Thursday, July 16th. Bank of America cut their target price on shares of Progressive from $313.00 to $308.00 and set a "buy" rating on the stock in a research report on Thursday, July 16th. Keefe, Bruyette & Woods reduced their target price on shares of Progressive from $231.00 to $226.00 and set a "market perform" rating on the stock in a research note on Thursday, July 16th. Evercore set a $240.00 price target on shares of Progressive in a research report on Friday, July 10th. Finally, HSBC boosted their price target on shares of Progressive from $214.00 to $221.00 and gave the stock a "hold" rating in a research note on Monday, July 6th. Five analysts have rated the stock with a Buy rating, fifteen have assigned a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat.com, Progressive currently has a consensus rating of "Hold" and an average target price of $235.26.

Insider Activity at Progressive

In related news, CFO Andrew J. Quigg sold 3,499 shares of the stock in a transaction that occurred on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the sale, the chief financial officer directly owned 42,595 shares in the company, valued at $9,370,900. This trade represents a 7.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Jeffrey D. Kelly sold 7,000 shares of Progressive stock in a transaction that occurred on Wednesday, June 24th. The stock was sold at an average price of $216.33, for a total transaction of $1,514,310.00. Following the transaction, the director directly owned 22,546 shares in the company, valued at $4,877,376.18. The trade was a 23.69% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 74,885 shares of company stock worth $15,880,459. 0.32% of the stock is owned by company insiders.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.

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