PNC Financial Services Group Inc. Reduces Position in The Progressive Co. (NYSE:PGR)

PNC Financial Services Group Inc. decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.7% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 347,903 shares of the insurance provider’s stock after selling 5,844 shares during the quarter. PNC Financial Services Group Inc. owned about 0.06% of Progressive worth $88,284,000 as of its most recent SEC filing.

Other large investors have also modified their holdings of the company. Davis Capital Management purchased a new stake in shares of Progressive in the third quarter valued at about $25,000. WR Wealth Planners LLC grew its holdings in shares of Progressive by 119.6% in the second 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 grew its holdings in shares of Progressive by 126.0% in the second 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. grew its holdings in shares of Progressive by 114.1% in the third 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 stake in shares of Progressive in the first quarter valued at about $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.8 %

NYSE:PGR opened at $254.51 on Wednesday. The company has a market capitalization of $149.09 billion, a PE ratio of 18.50, a price-to-earnings-growth 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 Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85. The stock has a fifty day simple moving average of $252.43 and a 200-day simple moving average of $230.76.

Progressive (NYSE:PGR) last released its quarterly 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 business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities research analysts expect that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of research firms have commented on PGR. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. 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 research report on Monday, August 12th. Roth Mkm upped their target price on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Evercore ISI upped their target price 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. Finally, TD Cowen upped their target price on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. 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. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares in the company, valued at $7,626,840. The trade was a 9.23 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. This trade represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is owned by corporate insiders.

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.