November 28, 2016 - By Ruchi Gupta · 0 Comments
Progressive Corp (NYSE:PGR) institutional sentiment decreased to 0.94 in 2016 Q2. Its down -0.12, from 1.06 in 2016Q1. The ratio dropped, as 224 investment professionals started new or increased stock positions, while 211 sold and reduced positions in Progressive Corp. The investment professionals in our partner’s database reported: 439.29 million shares, down from 451.68 million shares in 2016Q1. Also, the number of investment professionals holding Progressive Corp in their top 10 stock positions decreased from 15 to 11 for a decrease of 4. Sold All: 47 Reduced: 164 Increased: 180 New Position: 44.
The Progressive Corporation is an insurance holding company. The company has a market cap of $19.44 billion. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. It has a 20.02 P/E ratio. The Firm operates through Personal Lines, Commercial Lines and Property divisions.
About 768,201 shares traded hands. Progressive Corp (NYSE:PGR) has risen 1.80% since April 25, 2016 and is uptrending. It has underperformed by 4.22% the S&P500.
Analysts await Progressive Corp (NYSE:PGR) to report earnings on January, 25. They expect $0.45 EPS, down 16.67% or $0.09 from last year’s $0.54 per share. PGR’s profit will be $261.76 million for 18.57 P/E if the $0.45 EPS becomes a reality. After $0.36 actual EPS reported by Progressive Corp for the previous quarter, Wall Street now forecasts 25.00% EPS growth.
According to Zacks Investment Research, “Progressive Corp. is an auto insurance company and a writer of auto insurance through independent agents. Progressive is committed to providing independent agents with a financially strong company that offers competitive products designed specifically for the agency business; a strong national brand that drives consumers to independent agent’s offices; 24-hour, in-person services for them and their customers; and continued innovations in technology. (Company Press Release)”
Bonness Enterprises Inc holds 17.18% of its portfolio in Progressive Corp for 610,608 shares. Mcdonald Capital Investors Inc Ca owns 3.57 million shares or 12.17% of their US portfolio. Moreover, Van Cleef Asset Managementinc has 10.33% invested in the company for 894,532 shares. The New York-based Lomas Capital Management Llc has invested 4.71% in the stock. Longview Partners (Guernsey) Ltd, a Guernsey-based fund reported 20.18 million shares.#img1#
Insider Transactions: Since January 1, 0001, the stock had 0 insider purchases, and 4 sales for $1.21 million net activity.
Ratings analysis reveals 10% of Progressive’s analysts are positive. Out of 10 Wall Street analysts rating Progressive, 1 give it “Buy”, 4 “Sell” rating, while 5 recommend “Hold”. The lowest target is $25 while the high is $36. The stock’s average target of $29.63 is -11.34% below today’s ($33.42) share price. PGR was included in 15 notes of analysts from August 6, 2015. The company was upgraded on Friday, October 14 by Citigroup. The firm has “Sell” rating given on Thursday, June 2 by Citigroup. On Tuesday, December 1 the stock rating was downgraded by Citigroup to “Neutral”. The company was maintained on Thursday, March 17 by Goldman Sachs. Sterne Agee CRT initiated the shares of PGR in a report on Monday, September 21 with “Neutral” rating. The firm has “Underperform” rating given on Friday, November 6 by Credit Suisse. The stock of Progressive Corp (NYSE:PGR) has “Sell” rating given on Monday, November 16 by Goldman Sachs. The rating was upgraded by Keefe Bruyette & Woods on Friday, September 16 to “Mkt Perform”. The firm has “Sell” rating by Deutsche Bank given on Monday, September 19. The stock has “Market Perform” rating given by Bernstein on Tuesday, January 19.
The Progressive Corporation, incorporated on February 4, 1965, 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. It also offers vehicle insurance products that protect its clients 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. The Company’s property insurance products protect its clients against losses due to damages to their structure or possessions within the structure, as well as liability for accidents occurring in the structure or on the property. The Company’s non-insurance subsidiaries and affiliates generally support the Company’s insurance and investment operations. The Firm operates its vehicle businesses and property business in the United States. The Firm also sells personal auto physical damage and auto property damage liability insurance in Australia. The Firm operates through Personal Lines, Commercial Lines and Property divisions.
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By Ruchi Gupta