Sumitomo Mitsui Trust Group Inc. Sells 4,314 Shares of The Progressive Co. (NYSE:PGR)

Sumitomo Mitsui Trust Group Inc. decreased its position in shares of The Progressive Co. (NYSE:PGR) by 0.2% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,917,468 shares of the insurance provider’s stock after selling 4,314 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.33% of Progressive worth $486,577,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Raleigh Capital Management Inc. lifted its holdings in Progressive by 20.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares in the last quarter. Castleview Partners LLC increased its holdings in Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after acquiring an additional 45 shares during the last quarter. Washington Trust Bank boosted its holdings in shares of Progressive by 4.6% during the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after purchasing an additional 45 shares during the last quarter. Sunbelt Securities Inc. lifted its position in shares of Progressive by 21.3% in the second 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 stake in Progressive by 11.8% during the second 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 currently owned by institutional investors.

Progressive Stock Performance

Shares of PGR opened at $259.89 on Tuesday. The stock has a fifty day moving average price of $251.57 and a 200-day moving average price of $228.68. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.85. The firm has a market cap of $152.25 billion, a PE ratio of 18.89, a P/E/G ratio of 0.72 and a beta of 0.36. The company has a current ratio of 0.30, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping 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 company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Equities research analysts predict that The Progressive Co. will post 13.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on PGR shares. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a report on Monday. BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Morgan Stanley increased their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Roth Mkm boosted their price objective on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, Citigroup cut their price target on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating on the stock in a report on Wednesday, July 17th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $269.56.

Insider Activity at Progressive

In other news, insider John Jo Murphy sold 9,512 shares of the company’s stock in a transaction on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now directly owns 45,787 shares of the company’s stock, valued at $10,874,412.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progressive news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares in the company, valued at approximately $7,626,840. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider John Jo Murphy sold 9,512 shares of the firm’s stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now owns 45,787 shares in the company, valued at $10,874,412.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 74,843 shares of company stock worth $18,674,912 over the last quarter. Insiders own 0.34% of the company’s stock.

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.