Commerce Bank lessened its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 10.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 35,208 shares of the insurance provider's stock after selling 4,329 shares during the period. Commerce Bank's holdings in Progressive were worth $8,934,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors also recently bought and sold shares of the business. Diversified Trust Co increased its holdings in Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider's stock worth $6,531,000 after acquiring an additional 11,770 shares in the last quarter. Sycomore Asset Management raised its position in shares of Progressive by 9.5% during the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider's stock worth $5,856,000 after purchasing an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. purchased a new position in Progressive in the 2nd quarter valued at about $981,000. Tidal Investments LLC lifted its position in shares of Progressive by 22.2% in 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 in the last quarter. Finally, Advisors Asset Management Inc. raised its stake in Progressive by 88.7% in the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider's stock valued at $1,577,000 after purchasing an additional 3,585 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.
PGR has been the subject of a number of research reports. Hsbc Global Res raised shares of Progressive from a "hold" rating to a "strong-buy" rating in a report on Monday, August 12th. Evercore ISI increased their price target on Progressive from $277.00 to $285.00 and gave the company an "outperform" rating in a report on Wednesday, November 6th. Keefe, Bruyette & Woods boosted 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. Wells Fargo & Company increased their price target on shares of Progressive from $281.00 to $282.00 and gave the company an "overweight" rating in a research note on Tuesday, September 10th. Finally, Jefferies Financial Group lifted their price target on shares of Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a research report on Wednesday, October 9th. 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 stock. According to MarketBeat, Progressive currently has an average rating of "Moderate Buy" and an average price target of $269.81.
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In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company's stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares of the company's stock, valued at $119,475,967. This represents a 8.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 2,982 shares of Progressive stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares in the company, valued at approximately $7,626,840. This trade represents a 9.23 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock valued at $14,975,979 over the last quarter. 0.34% of the stock is owned by insiders.
PGR opened at $262.90 on Friday. The business has a fifty day moving average price of $252.85 and a 200 day moving average price of $231.17. The stock has a market capitalization of $154.01 billion, a price-to-earnings ratio of 19.11, a PEG ratio of 0.71 and a beta of 0.36. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.85. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.
Progressive (NYSE:PGR - Get Free Report) last announced 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 company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Sell-side analysts expect that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.
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.
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