Mutual of America Capital Management LLC Trims Stock Position in The Progressive Co. (NYSE:PGR)

Mutual of America Capital Management LLC reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 2.4% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,122 shares of the insurance provider’s stock after selling 1,738 shares during the quarter. Mutual of America Capital Management LLC’s holdings in Progressive were worth $18,302,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in PGR. Davis Capital Management purchased a new position in Progressive during the 3rd quarter valued at $25,000. WR Wealth Planners LLC increased its position in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the period. Hilltop National Bank increased its position in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the period. DiNuzzo Private Wealth Inc. increased its position in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the period. Finally, LRI Investments LLC purchased a new position in Progressive during the 1st quarter valued at $36,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

NYSE PGR opened at $255.78 on Friday. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $263.85. The firm has a market capitalization of $149.84 billion, a P/E ratio of 18.59, a PEG ratio of 0.71 and a beta of 0.36. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a 50-day moving average price of $252.22 and a 200-day moving average price of $229.98.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during 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%. Equities research analysts anticipate that The Progressive Co. will post 13.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research analyst reports. Evercore ISI boosted their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research report on Wednesday, November 6th. Bank of America boosted their target price on shares of Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Morgan Stanley boosted their target price on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. StockNews.com cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Monday, November 11th. Finally, Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Six research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $269.56.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,981 shares of the company’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 transaction, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This represents a 10.16 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,331 shares of company stock valued at $16,415,812. 0.34% of the stock is owned by corporate insiders.

About Progressive

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.