Main Street Financial Solutions LLC Has $301,000 Position in The Progressive Co. (NYSE:PGR)

Main Street Financial Solutions LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 6.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,187 shares of the insurance provider’s stock after selling 78 shares during the period. Main Street Financial Solutions LLC’s holdings in Progressive were worth $301,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of PGR. Raleigh Capital Management Inc. grew its holdings in Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after acquiring an additional 41 shares during the last quarter. Castleview Partners LLC increased its holdings in shares of Progressive by 2.7% in the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after purchasing an additional 45 shares in the last quarter. Washington Trust Bank raised its position in Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after purchasing an additional 45 shares during the last quarter. Sunbelt Securities Inc. lifted its holdings in Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after buying an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. boosted its position in Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after buying an additional 48 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other Progressive news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 65,331 shares of company stock worth $16,415,812 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the subject of a number of recent research reports. StockNews.com downgraded Progressive from a “buy” rating to a “hold” rating in a research report on Monday. Jefferies Financial Group upped their target price on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. BMO Capital Markets reduced their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Wells Fargo & Company boosted their price target on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Finally, The Goldman Sachs Group raised their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research note on Wednesday, September 18th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $269.56.

Progressive Price Performance

NYSE PGR opened at $257.47 on Friday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85. The business has a 50 day simple moving average of $251.92 and a 200 day simple moving average of $229.29. The stock has a market cap of $150.83 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Analysts anticipate that The Progressive Co. will post 13.11 earnings per share for the current fiscal year.

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.