Progressive Corp Can’t Burn Your Long Portfolio. Option Traders are Bullish

 Progressive Corp Can't Burn Your Long Portfolio. Option Traders are Bullish

In today’s session Progressive Corp (PGR) registered an unusually high (362) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the October, 2016 call, expecting serious PGR increase. With 362 contracts traded and 15554 open interest for the Oct, 16 contract, it seems this is a quite bullish bet. The option with symbol: PGR161021C00032000 closed last at: $0.4 or 60% up. About 416,229 shares traded hands. Progressive Corp (NYSE:PGR) has declined 2.20% since March 11, 2016 and is downtrending. It has underperformed by 7.66% the S&P500.

Analysts await Progressive Corp (NYSE:PGR) to report earnings on October, 21. They expect $0.44 earnings per share, down 10.20% or $0.05 from last year’s $0.49 per share. PGR’s profit will be $262.61 million for 18.74 P/E if the $0.44 EPS becomes a reality. After $0.29 actual earnings per share reported by Progressive Corp for the previous quarter, Wall Street now forecasts 51.72% EPS growth.

Progressive Corp (NYSE:PGR) Ratings Coverage

Out of 10 analysts covering Progressive (NYSE:PGR), 1 rate it a “Buy”, 5 “Sell”, while 4 “Hold”. This means 10% are positive. $36 is the highest target while $25 is the lowest. The $29.63 average target is -10.18% below today’s ($32.99) stock price. Progressive has been the topic of 14 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The stock has “Neutral” rating given by Sterne Agee CRT on Monday, September 21. The firm earned “Underperform” rating on Friday, November 6 by Credit Suisse. Citigroup downgraded Progressive Corp (NYSE:PGR) on Thursday, June 2 to “Sell” rating. The firm has “Sell” rating by Goldman Sachs given on Thursday, March 17. The firm has “Hold” rating by Sandler O’Neill given on Thursday, December 17. The firm earned “Sell” rating on Monday, November 16 by Goldman Sachs. As per Tuesday, January 19, the company rating was downgraded by Bernstein. The stock of Progressive Corp (NYSE:PGR) earned “Mkt Perform” rating by Keefe Bruyette & Woods on Friday, September 16. The firm has “Sell” rating by Deutsche Bank given on Monday, September 19. The stock of Progressive Corp (NYSE:PGR) has “Neutral” rating given on Tuesday, December 1 by Citigroup.

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)”

Insitutional Activity: The institutional sentiment decreased to 1.06 in 2016 Q2. Its down 0.12, from 1.18 in 2016Q1. The ratio dropped, as 47 funds sold all Progressive Corp shares owned while 164 reduced positions. 44 funds bought stakes while 180 increased positions. They now own 439.29 million shares or 2.74% less from 451.68 million shares in 2016Q1.
Lazard Asset Mngmt Ltd Liability Co reported 1,695 shares or 0% of all its holdings. Sumitomo Mitsui Asset Mngmt Communication Limited holds 0.28% of its portfolio in Progressive Corp (NYSE:PGR) for 271,852 shares. Moreover, Dimensional Fund Advsr Limited Partnership has 0.05% invested in Progressive Corp (NYSE:PGR) for 2.64 million shares. The New York-based Evercore Wealth Ltd Liability Corp has invested 0.03% in Progressive Corp (NYSE:PGR). Livingston Asset (Operating As Southport Cap Management) owns 3,217 shares or 0.06% of their US portfolio. United Advisers Ltd Liability Com has invested 0% of its portfolio in Progressive Corp (NYSE:PGR). Creative Planning, a Kansas-based fund reported 4,058 shares. Van Eck Assocs accumulated 0% or 4,833 shares. First Mercantile Trust accumulated 9,311 shares or 0.04% of the stock. Benjamin F Edwards holds 0% of its portfolio in Progressive Corp (NYSE:PGR) for 294 shares. Boston Private Wealth Limited Liability Company owns 354,737 shares or 0.48% of their US portfolio. Neuberger Berman Grp Ltd Company has 0.56% invested in the company for 12.11M shares. Rothschild Asset Mngmt Inc has invested 0.01% of its portfolio in Progressive Corp (NYSE:PGR). Lomas Ltd Company accumulated 4.71% or 695,893 shares. Rockefeller Fincl Services accumulated 0% or 6,169 shares.

Insider Transactions: Since May 24, 2016, the stock had 0 insider buys, and 5 selling transactions for $1.37 million net activity. Charney M Jeffrey also sold $165,500 worth of Progressive Corp (NYSE:PGR) on Tuesday, May 24. 2,500 shares with value of $82,933 were sold by Broz Steven on Thursday, July 14. $105,376 worth of Progressive Corp (NYSE:PGR) was sold by Sieger Michael D on Friday, July 22. 24,000 shares with value of $792,120 were sold by Barbagallo John A on Monday, July 18.

The Progressive Corporation is an insurance holding company. The company has a market cap of $19.69 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 19.77 P/E ratio. The Firm operates through Personal Lines, Commercial Lines and Property divisions.

PGR Company Profile

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.

More news for Progressive Corp (NYSE:PGR) were recently published by: Investorplace.com, which released: “3 Big Stock Charts: Progressive Corp (PGR), American Express Company (AXP) and …” on October 13, 2016. Nasdaq.com‘s article titled: “Progressive Corp. Bottom Line Falls 29% In Q3” and published on October 13, 2016 is yet another important article.

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