Planning Capital Management Corp Sells 339 Shares of The Progressive Co. (NYSE:PGR)

Planning Capital Management Corp reduced its position in The Progressive Co. (NYSE:PGR) by 63.4% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 196 shares of the insurance provider’s stock after selling 339 shares during the quarter. Planning Capital Management Corp’s holdings in Progressive were worth $50,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also modified their holdings of PGR. Diversified Trust Co raised its stake in Progressive by 84.3% during the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after purchasing an additional 11,770 shares in the last quarter. Councilmark Asset Management LLC bought a new position in Progressive during the first quarter valued at $1,890,000. Sycomore Asset Management increased its position in Progressive by 9.5% during the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after acquiring an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. bought a new position in Progressive during the second quarter valued at $981,000. Finally, Tidal Investments LLC increased its position in Progressive by 22.2% during the first quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock valued at $6,480,000 after acquiring an additional 5,691 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 2,981 shares of Progressive 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 approximately $6,618,555.95. This trade represents a 10.16 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of Progressive stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares in the company, valued at $3,462,038.44. This represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 65,331 shares of company stock valued at $16,415,812 in the last 90 days. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the stock. Evercore ISI upped their price target on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. JPMorgan Chase & Co. increased their price target 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. Roth Mkm increased their price target 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. Finally, Keefe, Bruyette & Woods increased their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus price target of $269.56.

Progressive Stock Performance

PGR opened at $257.47 on Friday. The Progressive Co. has a 12-month low of $149.14 and a 12-month 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 $150.83 billion, a PE ratio of 18.71, a P/E/G ratio of 0.73 and a beta of 0.36. The firm has a 50 day moving average of $251.92 and a two-hundred day moving average of $229.29.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, analysts anticipate that The Progressive Co. will post 13.11 EPS for the current year.

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.