Ghe LLC Decreases Position in The Progressive Co. (NYSE:PGR)

Ghe LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 0.5% during the third quarter, Holdings Channel.com reports. The institutional investor owned 28,388 shares of the insurance provider’s stock after selling 136 shares during the quarter. Progressive comprises approximately 3.0% of Ghe LLC’s investment portfolio, making the stock its 4th largest position. Ghe LLC’s holdings in Progressive were worth $7,238,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PGR. Avantax Advisory Services Inc. boosted its holdings in Progressive by 3.1% during the first quarter. Avantax Advisory Services Inc. now owns 13,090 shares of the insurance provider’s stock worth $2,707,000 after buying an additional 389 shares during the last quarter. Bleakley Financial Group LLC boosted its holdings in Progressive by 3.2% during the first quarter. Bleakley Financial Group LLC now owns 11,989 shares of the insurance provider’s stock worth $2,480,000 after buying an additional 368 shares during the last quarter. Edmond DE Rothschild Holding S.A. boosted its holdings in Progressive by 11.2% during the first quarter. Edmond DE Rothschild Holding S.A. now owns 1,646 shares of the insurance provider’s stock worth $340,000 after buying an additional 166 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. boosted its holdings in Progressive by 25.4% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 345,161 shares of the insurance provider’s stock worth $71,386,000 after buying an additional 69,951 shares during the last quarter. Finally, Eagle Bay Advisors LLC boosted its holdings in Progressive by 50.3% during the first quarter. Eagle Bay Advisors LLC now owns 230 shares of the insurance provider’s stock worth $48,000 after buying an additional 77 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.1 %

NYSE:PGR opened at $262.17 on Wednesday. The firm has a market capitalization of $153.58 billion, a price-to-earnings ratio of 19.06, a price-to-earnings-growth ratio of 0.72 and a beta of 0.36. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $263.85. The stock’s 50 day moving average price is $251.77 and its two-hundred day moving average price is $229.06. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Equities research analysts expect that The Progressive Co. will post 13.15 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock valued at $18,674,912 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. JPMorgan Chase & Co. raised their price target on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. Evercore ISI raised their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Jefferies Financial Group raised their price target on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Citigroup dropped their price target on Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 17th. Finally, Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

Progressive Company Profile

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States. It operates in three segments: Personal Lines, Commercial Lines, and Property.