The Progressive Co. (NYSE:PGR) Stake Cut by GSA Capital Partners LLP

GSA Capital Partners LLP lowered its stake in The Progressive Co. (NYSE:PGR) by 33.4% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 16,912 shares of the insurance provider’s stock after selling 8,471 shares during the quarter. Progressive makes up about 0.3% of GSA Capital Partners LLP’s holdings, making the stock its 7th biggest position. GSA Capital Partners LLP’s holdings in Progressive were worth $4,292,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Diversified Trust Co raised its holdings in Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after acquiring an additional 11,770 shares during the last quarter. Councilmark Asset Management LLC acquired a new stake in shares of Progressive during the 1st quarter worth $1,890,000. Sycomore Asset Management increased its holdings in shares of Progressive by 9.5% during the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after buying an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. acquired a new stake in shares of Progressive during the 2nd quarter worth $981,000. Finally, Tidal Investments LLC increased its holdings in shares of Progressive by 22.2% during the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after buying an additional 5,691 shares during the last quarter. 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 6,122 shares of the firm’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the transaction, the insider now owns 32,316 shares of the company’s stock, valued at $7,600,400.04. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 6,122 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the sale, the insider now owns 32,316 shares in the company, valued at $7,600,400.04. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock valued at $18,674,912 over the last quarter. Insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the subject of a number of research analyst reports. 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. Morgan Stanley increased their price target on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Roth Mkm increased their price target on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Finally, Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Seven equities 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’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $269.56.

Progressive Stock Performance

Shares of PGR stock opened at $259.89 on Tuesday. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.31 and a current ratio of 0.30. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The company’s 50-day simple moving average is $251.41 and its 200-day simple moving average is $228.33. The stock has a market capitalization of $152.25 billion, a price-to-earnings ratio of 18.89, a PEG ratio of 0.72 and a beta of 0.36.

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

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.