Mutual of America Capital Management LLC Lowers Stock Position in The Progressive Co. (NYSE:PGR)

Mutual of America Capital Management LLC lowered its position in The Progressive Co. (NYSE:PGR) by 2.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 72,122 shares of the insurance provider’s stock after selling 1,738 shares during the period. Mutual of America Capital Management LLC’s holdings in Progressive were worth $18,302,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Capital International Investors increased its holdings in Progressive by 15.7% during the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after buying an additional 670,006 shares during the last quarter. Legal & General Group Plc increased its holdings in Progressive by 1.9% during the second quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after buying an additional 92,212 shares during the last quarter. American Century Companies Inc. increased its holdings in Progressive by 3.0% during the second quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock worth $497,003,000 after buying an additional 69,709 shares during the last quarter. 1832 Asset Management L.P. increased its stake in shares of Progressive by 13.5% in the first quarter. 1832 Asset Management L.P. now owns 1,685,868 shares of the insurance provider’s stock worth $348,671,000 after purchasing an additional 200,118 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of Progressive by 20.3% in the second quarter. Dimensional Fund Advisors LP now owns 1,467,191 shares of the insurance provider’s stock worth $304,775,000 after purchasing an additional 247,144 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.7 %

Shares of Progressive stock opened at $255.78 on Friday. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. The firm has a market cap of $149.84 billion, a PE ratio of 18.59, a PEG ratio of 0.71 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 $252.22 and a two-hundred day simple moving average of $229.98.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The business 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%. Analysts expect that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred 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 transaction, the insider now directly 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 65,331 shares of company stock valued at $16,415,812. 0.34% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

PGR has been the subject of several recent research reports. Wells Fargo & Company lifted their target price on shares of Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. BMO Capital Markets reduced their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research note on Wednesday, August 7th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. Finally, Morgan Stanley lifted 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. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $269.56.

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.