Cubist Systematic Strategies LLC Sells 68,059 Shares of Progressive Corporation (The) (PGR)

Cubist Systematic Strategies LLC cut its position in shares of Progressive Corporation (The) (NYSE:PGR) by 70.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,946 shares of the insurance provider’s stock after selling 68,059 shares during the period. Cubist Systematic Strategies LLC’s holdings in Progressive Corporation (The) were worth $1,276,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the company. Creative Planning raised its stake in shares of Progressive Corporation (The) by 0.4% during the 2nd quarter. Creative Planning now owns 5,723 shares of the insurance provider’s stock worth $252,000 after purchasing an additional 23 shares in the last quarter. Financial Architects Inc raised its stake in shares of Progressive Corporation (The) by 0.4% during the 2nd quarter. Financial Architects Inc now owns 18,187 shares of the insurance provider’s stock worth $801,000 after purchasing an additional 65 shares in the last quarter. Cleararc Capital Inc. raised its stake in shares of Progressive Corporation (The) by 0.6% during the 1st quarter. Cleararc Capital Inc. now owns 14,188 shares of the insurance provider’s stock worth $556,000 after purchasing an additional 90 shares in the last quarter. ING Groep NV raised its stake in shares of Progressive Corporation (The) by 0.3% during the 2nd quarter. ING Groep NV now owns 39,707 shares of the insurance provider’s stock worth $1,751,000 after purchasing an additional 112 shares in the last quarter. Finally, Weatherly Asset Management L. P. raised its stake in shares of Progressive Corporation (The) by 1.8% during the 2nd quarter. Weatherly Asset Management L. P. now owns 7,320 shares of the insurance provider’s stock worth $323,000 after purchasing an additional 130 shares in the last quarter. 79.41% of the stock is owned by institutional investors.

In other Progressive Corporation (The) news, CFO John P. Sauerland sold 50,000 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $48.65, for a total value of $2,432,500.00. Following the sale, the chief financial officer now owns 370,364 shares in the company, valued at $18,018,208.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Susan Patricia Griffith sold 35,000 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The shares were sold at an average price of $48.66, for a total value of $1,703,100.00. Following the completion of the sale, the insider now owns 221,715 shares in the company, valued at approximately $10,788,651.90. The disclosure for this sale can be found here. Insiders have sold 86,250 shares of company stock valued at $4,196,513 over the last three months. Insiders own 0.56% of the company’s stock.

Progressive Corporation (The) (NYSE:PGR) last issued its quarterly earnings results on Tuesday, July 18th. The insurance provider reported $0.59 EPS for the quarter, missing the consensus estimate of $0.60 by ($0.01). Progressive Corporation (The) had a net margin of 5.50% and a return on equity of 15.62%. The company had revenue of $6.75 billion for the quarter, compared to analyst estimates of $6.78 billion. During the same period last year, the company posted $0.33 earnings per share. The business’s revenue for the quarter was up 13.7% on a year-over-year basis.

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PGR has been the subject of a number of recent research reports. Bank of America Corporation raised their price target on Progressive Corporation (The) from $48.00 to $49.00 and gave the stock a “buy” rating in a research note on Friday, June 16th. BidaskClub raised Progressive Corporation (The) from a “buy” rating to a “strong-buy” rating in a research note on Saturday, June 17th. Barclays PLC raised their price target on Progressive Corporation (The) from $35.00 to $39.00 and gave the stock an “underweight” rating in a research note on Monday, July 3rd. Morgan Stanley reaffirmed an “equal weight” rating and set a $43.00 price target (up from $40.00) on shares of Progressive Corporation (The) in a research note on Friday, July 7th. Finally, FBR & Co raised their price target on Progressive Corporation (The) from $36.00 to $40.00 and gave the stock a “mkt perform” rating in a research note on Tuesday, July 11th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the stock. Progressive Corporation (The) currently has an average rating of “Hold” and a consensus price target of $46.00.

Progressive Corporation (The) Company Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

Institutional Ownership by Quarter for Progressive Corporation (The) (NYSE:PGR)




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