Pathstone Holdings LLC Has $71.28 Million Holdings in The Progressive Co. (NYSE:PGR)

Pathstone Holdings LLC decreased its stake in The Progressive Co. (NYSE:PGR) by 30.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 280,905 shares of the insurance provider’s stock after selling 121,377 shares during the period. Pathstone Holdings LLC’s holdings in Progressive were worth $71,282,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of PGR. OneAscent Wealth Management LLC acquired a new position in shares of Progressive during the third quarter valued at about $435,000. Napa Wealth Management bought a new stake in Progressive in the 3rd quarter valued at $1,128,000. Drive Wealth Management LLC increased its stake in Progressive by 2.9% in the third quarter. Drive Wealth Management LLC now owns 2,153 shares of the insurance provider’s stock valued at $546,000 after acquiring an additional 61 shares during the period. AMG National Trust Bank acquired a new position in shares of Progressive in the 3rd quarter worth approximately $203,000. Finally, Swiss National Bank raised its stake in Progressive by 0.3% during the third quarter. Swiss National Bank now owns 1,738,400 shares of the insurance provider’s stock worth $441,136,000 after acquiring an additional 4,400 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Up 0.3 %

PGR opened at $256.56 on Tuesday. The firm has a 50 day simple moving average of $252.32 and a 200 day simple moving average of $230.44. 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 Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $263.85. The company has a market cap of $150.30 billion, a price-to-earnings ratio of 18.65, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last posted 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. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. On average, sell-side analysts anticipate that The Progressive Co. will post 13.09 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts have commented on PGR shares. Bank of America boosted their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday. Roth Mkm boosted their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research report on Monday, August 12th. Jefferies Financial Group lifted their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a research report on Wednesday, October 9th. Finally, Morgan Stanley lifted 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. Five equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $269.81.

Insider Activity at Progressive

In other news, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock worth $14,975,979 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

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.