Rockefeller Capital Management L.P. Sells 6,589 Shares of The Progressive Co. (NYSE:PGR)

Rockefeller Capital Management L.P. cut its position in The Progressive Co. (NYSE:PGR) by 4.1% in the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 152,451 shares of the insurance provider’s stock after selling 6,589 shares during the quarter. Rockefeller Capital Management L.P.’s holdings in Progressive were worth $38,661,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Virtu Financial LLC bought a new stake in shares of Progressive during the first quarter worth approximately $258,000. LRI Investments LLC bought a new stake in Progressive in the 1st quarter valued at $36,000. Cetera Investment Advisers grew its holdings in Progressive by 259.1% in the 1st quarter. Cetera Investment Advisers now owns 67,074 shares of the insurance provider’s stock valued at $13,872,000 after buying an additional 48,397 shares in the last quarter. Cetera Advisors LLC increased its position in Progressive by 59.6% during the 1st quarter. Cetera Advisors LLC now owns 18,075 shares of the insurance provider’s stock worth $3,738,000 after buying an additional 6,752 shares during the period. Finally, HM Payson & Co. lifted its holdings in shares of Progressive by 207.1% during the first quarter. HM Payson & Co. now owns 989 shares of the insurance provider’s stock worth $205,000 after buying an additional 667 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of a number of recent research reports. Jefferies Financial Group raised their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Piper Sandler lifted their price target on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Bank of America lifted 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, November 18th. StockNews.com raised Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, Morgan Stanley increased their target price on Progressive from $300.00 to $310.00 and gave the stock 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. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Progressive Price Performance

PGR stock opened at $268.93 on Friday. The stock has a market cap of $157.54 billion, a price-to-earnings ratio of 19.54, a P/E/G ratio of 0.74 and a beta of 0.36. 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 company has a 50 day simple moving average of $254.08 and a 200 day simple moving average of $233.34. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $270.62.

Progressive (NYSE:PGR) last announced 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. 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 the consensus estimate of $18.95 billion. Research analysts anticipate that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on 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 sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Steven Broz sold 2,982 shares of the firm’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. This represents a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is currently owned by insiders.

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.