The Progressive Co. (NYSE:PGR) Shares Sold by KBC Group NV

KBC Group NV cut its stake in shares of The Progressive Co. (NYSE:PGR) by 10.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 401,179 shares of the insurance provider’s stock after selling 46,177 shares during the quarter. KBC Group NV owned about 0.07% of Progressive worth $101,803,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the stock. Diversified Trust Co increased its holdings in Progressive by 84.3% in the third quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after buying an additional 11,770 shares in the last quarter. Councilmark Asset Management LLC purchased a new stake in Progressive during the first quarter worth $1,890,000. Sycomore Asset Management grew its holdings in Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. purchased a new position in shares of Progressive in the second quarter valued at $981,000. Finally, Tidal Investments LLC raised its stake in shares of Progressive by 22.2% during the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after buying an additional 5,691 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.4 %

Shares of PGR opened at $261.37 on Thursday. 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 Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The stock has a 50-day moving average price of $251.77 and a 200 day moving average price of $229.06. The company has a market capitalization of $153.11 billion, a P/E ratio of 18.99, a P/E/G ratio of 0.73 and a beta of 0.36.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during 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 forecast that The Progressive Co. will post 13.15 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts have issued reports on PGR shares. Jefferies Financial Group upped their price target on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. BMO Capital Markets reduced their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Morgan Stanley increased their target price on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Finally, TD Cowen lifted their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Seven research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $269.56.

Insider Transactions at Progressive

In related news, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction that occurred 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 transaction, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 65,331 shares of company stock worth $16,415,812. 0.34% of the stock is currently owned by company insiders.

Progressive Company 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.