Confluence Investment Management buys $51,588,106 stake in Progressive Corp (PGR)

Progressive Corp (PGR) : Confluence Investment Management scooped up 42,331 additional shares in Progressive Corp during the most recent quarter end , the firm said in a disclosure report filed with the SEC on Jul 26, 2016. The investment management firm now holds a total of 1,581,487 shares of Progressive Corp which is valued at $51,588,106.Progressive Corp makes up approximately 1.38% of Confluence Investment Management’s portfolio.

Other Hedge Funds, Including , Hl Financial Services boosted its stake in PGR in the latest quarter, The investment management firm added 78,448 additional shares and now holds a total of 1,776,819 shares of Progressive Corp which is valued at $57,959,836. Progressive Corp makes up approx 1.33% of Hl Financial Services’s portfolio.Shell Asset Management Co boosted its stake in PGR in the latest quarter, The investment management firm added 29,895 additional shares and now holds a total of 202,174 shares of Progressive Corp which is valued at $6,594,916. Progressive Corp makes up approx 0.15% of Shell Asset Management Co’s portfolio.Chevy Chase Trust Holdings boosted its stake in PGR in the latest quarter, The investment management firm added 4,986 additional shares and now holds a total of 503,248 shares of Progressive Corp which is valued at $16,954,425. Progressive Corp makes up approx 0.09% of Chevy Chase Trust Holdings’s portfolio.

Progressive Corp closed down -0.13 points or -0.40% at $32.51 with 31,75,816 shares getting traded on Friday. Post opening the session at $32.6, the shares hit an intraday low of $32.47 and an intraday high of $32.74 and the price fluctuated in this range throughout the day.Shares ended Friday 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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