The Progressive Co. (NYSE:PGR) Shares Sold by Mizuho Securities USA LLC

Mizuho Securities USA LLC reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 15.9% during the 3rd quarter, according to its most recent filing with the SEC. The firm owned 37,977 shares of the insurance provider’s stock after selling 7,178 shares during the period. Mizuho Securities USA LLC’s holdings in Progressive were worth $9,637,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Jennison Associates LLC grew its position in shares of Progressive by 21.6% during the 3rd quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after acquiring an additional 842,109 shares during the period. Canada Pension Plan Investment Board grew its position in shares of Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock valued at $167,866,000 after acquiring an additional 686,433 shares during the period. International Assets Investment Management LLC grew its position in shares of Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after acquiring an additional 594,330 shares during the period. SG Americas Securities LLC grew its position in shares of Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after acquiring an additional 590,235 shares during the period. Finally, Swedbank AB acquired a new stake in shares of Progressive during the 1st quarter valued at about $116,852,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related 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 transaction of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares in the company, valued at approximately $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 is accessible through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the business’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,209 shares of company stock worth $14,975,979. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Up 1.0 %

Shares of NYSE PGR opened at $256.99 on Thursday. The firm has a market cap of $150.54 billion, a price-to-earnings ratio of 18.68, a PEG 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 business’s 50 day moving average is $252.58 and its two-hundred day moving average is $230.94.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 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 net margin of 11.27% and a return on equity of 33.10%. Research analysts predict that The Progressive Co. will post 13.09 EPS for the current year.

Analyst Upgrades and Downgrades

Several research firms recently issued reports on PGR. The Goldman Sachs Group lifted their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a report on Monday, August 12th. Morgan Stanley raised their target price on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research note on Friday, October 18th. Barclays raised their target price on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Finally, Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $269.81.

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.