In today’s session Progressive Corp (PGR) registered an unusually high (178) contracts volume of call trades. Someone, most probably a professional was a very active buyer of the December, 2016 call, expecting serious PGR increase. With 178 contracts traded and 3864 open interest for the Dec, 16 contract, it seems this is a quite bullish bet. The option with symbol: PGR161216C00032000 closed last at: $0.65 or 7.1% down. About 717,044 shares traded hands. Progressive Corp (NYSE:PGR) has declined 10.05% since March 30, 2016 and is downtrending. It has underperformed by 13.06% the S&P500.
Progressive Corp (NYSE:PGR) Ratings Coverage
Out of 10 analysts covering Progressive (NYSE:PGR), 1 rate it a “Buy”, 4 “Sell”, while 5 “Hold”. This means 10% are positive. Progressive has been the topic of 15 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The stock of Progressive Corp (NYSE:PGR) earned “Mkt Perform” rating by Keefe Bruyette & Woods on Friday, September 16. On Monday, September 19 the stock rating was maintained by Deutsche Bank with “Sell”. The stock of Progressive Corp (NYSE:PGR) earned “Hold” rating by Sandler O’Neill on Thursday, December 17. The company was downgraded on Monday, November 16 by Goldman Sachs. As per Thursday, March 17, the company rating was maintained by Goldman Sachs. On Monday, September 21 the stock rating was initiated by Sterne Agee CRT with “Neutral”. The rating was upgraded by Citigroup to “Neutral” on Friday, October 14. Citigroup downgraded the shares of PGR in a report on Tuesday, December 1 to “Neutral” rating. The company was initiated on Wednesday, September 16 by JMP Securities. The firm has “Market Perform” rating by Bernstein given on Tuesday, January 19.
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 dived, 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.
Axa has 123,889 shares for 0.02% of their US portfolio. Pnc Fincl Ser has invested 0.02% of its portfolio in Progressive Corp (NYSE:PGR). Mcdonald Capital Investors Ca holds 12.17% or 3.57 million shares in its portfolio. Moreover, Piedmont Inv Ltd Liability Corporation has 0% invested in Progressive Corp (NYSE:PGR) for 23 shares. Spot Trading last reported 0.01% of its portfolio in the stock. Eqis accumulated 14,306 shares or 0.03% of the stock. Everpoint Asset Management Ltd Liability Co accumulated 0.07% or 100,000 shares. The Tennessee-based First Mercantile Co has invested 0.04% in Progressive Corp (NYSE:PGR). Amp Capital Investors holds 0.11% of its portfolio in Progressive Corp (NYSE:PGR) for 493,841 shares. First Personal Finance Services holds 0% or 91 shares in its portfolio. Da Davidson Co, a Montana-based fund reported 82,151 shares. The Netherlands-based Shell Asset Mngmt has invested 0.16% in Progressive Corp (NYSE:PGR). The Maryland-based Chevy Chase Tru Inc has invested 0.09% in Progressive Corp (NYSE:PGR). Nordea Invest Management holds 0.04% or 422,144 shares in its portfolio. The -based Bonness Enter Inc has invested 17.18% in Progressive Corp (NYSE:PGR).
Insider Transactions: Since May 24, 2016, the stock had 0 insider buys, and 5 sales for $1.37 million net activity. 2,500 shares with value of $82,933 were sold by Broz Steven on Thursday, July 14. Charney M Jeffrey had sold 5,000 shares worth $165,500. Shares for $792,120 were sold by Barbagallo John A on Monday, July 18. Sieger Michael D sold $105,376 worth of stock.
The Progressive Corporation is an insurance holding company. The company has a market cap of $18.25 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 18.76 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.
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