Pitcairn Co. Has $6.32 Million Stock Position in The Progressive Co. (NYSE:PGR)

Pitcairn Co. trimmed its stake in shares of The Progressive Co. (NYSE:PGR) by 13.4% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 24,903 shares of the insurance provider’s stock after selling 3,851 shares during the quarter. Pitcairn Co.’s holdings in Progressive were worth $6,319,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors also recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new position in shares of Progressive in the 3rd quarter worth approximately $25,000. WR Wealth Planners LLC boosted its holdings in shares of Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. boosted its holdings in shares of Progressive by 114.1% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after acquiring an additional 73 shares in the last quarter. Hilltop National Bank boosted its holdings in shares of Progressive by 126.0% in the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares in the last quarter. Finally, LRI Investments LLC acquired a new position in shares of Progressive in the 1st quarter worth approximately $36,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Steven Broz sold 2,981 shares of the company’s 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 completion of the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the completion of the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at approximately $3,876,384.69. The trade was a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 59,209 shares of company stock valued at $14,975,979. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

PGR opened at $266.04 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $266.18. The company has a fifty day simple moving average of $253.06 and a 200 day simple moving average of $231.52. The stock has a market cap of $155.85 billion, a P/E ratio of 19.33, a P/E/G ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, research analysts expect that The Progressive Co. will post 13.12 EPS for the current year.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. TD Cowen boosted their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research report on Friday, November 8th. Evercore ISI boosted their price objective on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. 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 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 data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price 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.