Planning Capital Management Corp Decreases Stake in The Progressive Co. (NYSE:PGR)

Planning Capital Management Corp lowered its position in The Progressive Co. (NYSE:PGR) by 63.4% during the third quarter, according to its most recent filing with the SEC. The institutional investor owned 196 shares of the insurance provider’s stock after selling 339 shares during the period. Planning Capital Management Corp’s holdings in Progressive were worth $50,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in PGR. Davis Capital Management purchased a new position in shares of Progressive during the 3rd quarter worth $25,000. WR Wealth Planners LLC grew its position in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares in the last quarter. Hilltop National Bank grew its position in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after buying an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. grew its position in shares of Progressive by 114.1% during the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares in the last quarter. Finally, LRI Investments LLC acquired a new position in Progressive in the first quarter valued at approximately $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,981 shares of the firm’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 value of $748,678.15. Following the completion of the sale, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,331 shares of company stock worth $16,415,812. 0.34% of the stock is currently owned by company insiders.

Progressive Stock Performance

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

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. As a group, equities research analysts forecast that The Progressive Co. will post 13.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

A number of equities research analysts have weighed in on the company. Barclays boosted their price objective on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price objective on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. The Goldman Sachs Group upped their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Morgan Stanley upped their target price on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Finally, Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Seven analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $269.56.

Progressive 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.