Bank of Marin Sells 740 Shares of The Progressive Co. (NYSE:PGR)

Bank of Marin trimmed its holdings in The Progressive Co. (NYSE:PGR) by 32.6% in the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,530 shares of the insurance provider’s stock after selling 740 shares during the quarter. Bank of Marin’s holdings in Progressive were worth $388,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently bought and sold shares of the company. Dorsey & Whitney Trust CO LLC lifted its holdings in shares of Progressive by 1.2% during the first quarter. Dorsey & Whitney Trust CO LLC now owns 4,640 shares of the insurance provider’s stock valued at $960,000 after purchasing an additional 56 shares during the last quarter. Nwam LLC boosted its holdings in Progressive by 27.2% in the first quarter. Nwam LLC now owns 1,628 shares of the insurance provider’s stock worth $345,000 after acquiring an additional 348 shares in the last quarter. Motco grew its stake in shares of Progressive by 19,983.3% in the first quarter. Motco now owns 1,205 shares of the insurance provider’s stock worth $249,000 after acquiring an additional 1,199 shares during the last quarter. M&G Plc bought a new position in shares of Progressive during the first quarter valued at $17,951,000. Finally, Councilmark Asset Management LLC purchased a new position in shares of Progressive in the 1st quarter worth about $1,890,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Progressive stock traded up $1.95 during trading on Friday, reaching $259.45. The company had a trading volume of 404,574 shares, compared to its average volume of 2,451,124. The firm’s 50-day simple moving average is $252.08 and its 200 day simple moving average is $229.48. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $263.85. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a market capitalization of $151.99 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company 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%. Sell-side analysts forecast that The Progressive Co. will post 13.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently commented on PGR shares. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Monday. Barclays increased their target price on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Keefe, Bruyette & Woods upped their price target on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, Bank of America boosted their target price on Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

Insiders Place Their Bets

In other news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred 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 directly owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 65,331 shares of company stock worth $16,415,812 over the last three months. 0.34% of the stock is currently owned by company 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.