Pitcairn Co. Sells 3,851 Shares of The Progressive Co. (NYSE:PGR)

Pitcairn Co. trimmed its position in The Progressive Co. (NYSE:PGR) by 13.4% during the third quarter, Holdings Channel reports. The firm owned 24,903 shares of the insurance provider’s stock after selling 3,851 shares during the quarter. Pitcairn Co.’s holdings in Progressive were worth $6,319,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently modified their holdings of the company. Davis Capital Management bought a new position in Progressive in the 3rd quarter valued at about $25,000. WR Wealth Planners LLC raised its holdings in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 67 shares during the period. Hilltop National Bank raised its holdings in Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 92 shares during the period. DiNuzzo Private Wealth Inc. raised its holdings in Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares during the period. Finally, LRI Investments LLC bought a new position in Progressive in the 1st quarter valued at about $36,000. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction 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 approximately $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. This represents a 9.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of Progressive stock opened at $266.04 on Friday. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $266.18. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market capitalization of $155.85 billion, a P/E ratio of 19.33, a P/E/G ratio of 0.73 and a beta of 0.36. The company’s 50 day moving average price is $253.06 and its two-hundred day moving average price is $231.52.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. On average, equities analysts forecast that The Progressive Co. will post 13.12 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on PGR. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. Jefferies Financial Group raised their target price on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. BMO Capital Markets lowered their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Finally, The Goldman Sachs Group raised their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

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.