The Progressive Co. (NYSE:PGR) Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 10.3% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 602,725 shares of the insurance provider’s stock after selling 69,426 shares during the period. Parnassus Investments LLC owned approximately 0.10% of Progressive worth $152,947,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of PGR. Capital International Investors raised its position in Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after acquiring an additional 670,006 shares in the last quarter. Legal & General Group Plc grew its stake in shares of Progressive by 1.9% during the 2nd quarter. Legal & General Group Plc now owns 4,922,743 shares of the insurance provider’s stock worth $1,022,507,000 after purchasing an additional 92,212 shares during the period. American Century Companies Inc. increased its holdings in shares of Progressive by 3.0% in the 2nd quarter. American Century Companies Inc. now owns 2,392,773 shares of the insurance provider’s stock valued at $497,003,000 after purchasing an additional 69,709 shares in the last quarter. Swiss National Bank increased its holdings in shares of Progressive by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,738,400 shares of the insurance provider’s stock valued at $441,136,000 after purchasing an additional 4,400 shares in the last quarter. Finally, 1832 Asset Management L.P. lifted 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 valued at $348,671,000 after purchasing an additional 200,118 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Trading Up 0.3 %

Shares of PGR opened at $256.56 on Tuesday. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $263.85. The stock has a fifty day moving average of $252.32 and a two-hundred day moving average of $230.44. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $150.30 billion, a PE ratio of 18.65, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion for 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%. As a group, analysts forecast that The Progressive Co. will post 13.09 EPS for the current year.

Insider Transactions at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s 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 sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This represents a 8.39 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock worth $14,975,979 in the last three months. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have weighed in on PGR shares. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Roth Mkm raised their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Bank of America boosted their target price on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday. TD Cowen raised their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Finally, The Goldman Sachs Group boosted their price objective on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research report on Wednesday, September 18th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus price target 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.