In today’s session Progressive Corp (PGR) registered an unusually high (1,906) 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 1,906 contracts traded and 314 open interest for the Dec, 16 contract, it seems this is a quite bullish bet. The option with symbol: PGR161216C00033000 closed last at: $0.85 or 142.9% up. About 116,759 shares traded hands. Progressive Corp (NYSE:PGR) has declined 4.32% since April 12, 2016 and is downtrending. It has underperformed by 9.30% 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. $36 is the highest target while $25 is the lowest. The $29.63 average target is -11.39% below today’s ($33.44) stock price. Progressive has been the topic of 15 analyst reports since August 6, 2015 according to StockzIntelligence Inc. The rating was upgraded by Sandler O’Neill to “Hold” on Thursday, December 17. The stock has “Neutral” rating given by Citigroup on Tuesday, December 1. The company was upgraded on Friday, September 16 by Keefe Bruyette & Woods. The stock of Progressive Corp (NYSE:PGR) has “Sell” rating given on Monday, September 19 by Deutsche Bank. As per Friday, November 6, the company rating was downgraded by Credit Suisse. Citigroup upgraded the stock to “Neutral” rating in Friday, October 14 report. The firm has “Neutral” rating by Sterne Agee CRT given on Monday, September 21. The rating was downgraded by Goldman Sachs to “Sell” on Monday, November 16. The rating was initiated by JMP Securities with “Market Outperform” on Wednesday, September 16. The company was downgraded on Thursday, June 2 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 turned negative, 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.
Veritable L P last reported 34,216 shares in the company. Shell Asset Mgmt reported 202,174 shares or 0.16% of all its holdings. Commonwealth Of Pennsylvania Public School Empls Retrmt Sys has invested 0.03% of its portfolio in Progressive Corp (NYSE:PGR). Hanseatic Mgmt Services last reported 14,120 shares in the company. Fjarde Ap accumulated 0.11% or 137,307 shares. Teachers Retirement Of The State Of Kentucky last reported 0.03% of its portfolio in the stock. Moreover, Nordea Investment Mgmt has 0.04% invested in Progressive Corp (NYSE:PGR) for 422,144 shares. The Massachusetts-based Martingale Asset Mgmt Lp has invested 0.27% in Progressive Corp (NYSE:PGR). Blair William & Co Il has 0.07% invested in the company for 214,545 shares. Janus Cap Limited Liability Corporation holds 0.16% of its portfolio in Progressive Corp (NYSE:PGR) for 5.60M shares. Ontario Teachers Pension Plan Board holds 218,771 shares or 0.08% of its portfolio. Caisse De Depot Et Placement Du Quebec last reported 218,548 shares in the company. Cap One Association holds 35,014 shares or 0.1% of its portfolio. Rs Inv Mgmt Lc owns 4.59M shares or 1.58% of their US portfolio. Confluence Management Ltd Company has 1.58M shares for 1.46% of their US portfolio.
Insider Transactions: Since May 24, 2016, the stock had 0 buys, and 5 sales for $1.37 million net activity. Sieger Michael D sold $105,376 worth of stock or 3,200 shares. Barbagallo John A sold 24,000 shares worth $792,120. Charney M Jeffrey sold $227,500 worth of stock. The insider Broz Steven sold 2,500 shares worth $82,933.
The Progressive Corporation is an insurance holding company. The company has a market cap of $19.55 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 20.03 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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