Voya Financial Advisors Inc. Trims Stock Position in The Progressive Co. (NYSE:PGR)

Voya Financial Advisors Inc. cut its position in The Progressive Co. (NYSE:PGR) by 3.2% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,951 shares of the insurance provider’s stock after selling 98 shares during the quarter. Voya Financial Advisors Inc.’s holdings in Progressive were worth $741,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of PGR. Linden Thomas Advisory Services LLC grew its holdings in shares of Progressive by 49.7% during the second quarter. Linden Thomas Advisory Services LLC now owns 2,271 shares of the insurance provider’s stock worth $472,000 after purchasing an additional 754 shares in the last quarter. Manning & Napier Advisors LLC bought a new stake in shares of Progressive in the second quarter worth about $3,993,000. Capital Investment Advisors LLC purchased a new position in Progressive during the 2nd quarter valued at about $221,000. QRG Capital Management Inc. grew its position in shares of Progressive by 4.2% in the 2nd quarter. QRG Capital Management Inc. now owns 34,662 shares of the insurance provider’s stock worth $7,200,000 after buying an additional 1,401 shares during the last quarter. Finally, Opal Wealth Advisors LLC bought a new stake in shares of Progressive in the 2nd quarter worth approximately $104,000. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other news, insider Patrick K. Callahan sold 7,696 shares of the 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 transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $3,876,384.69. This represents a 33.63 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total value of $2,680,900.00. Following the completion of the sale, the chief financial officer now directly owns 292,958 shares of the company’s stock, valued at $78,539,110.22. The trade was a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 25,839 shares of company stock valued at $6,718,965 over the last ninety days. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of analysts recently commented on PGR shares. Bank of America raised their price target on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Morgan Stanley increased their price target 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. Piper Sandler lifted their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Finally, Barclays raised their target price on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive Stock Up 0.4 %

Shares of Progressive stock opened at $261.28 on Friday. The company has a 50-day simple moving average of $254.57 and a two-hundred day simple moving average of $234.80. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $270.62. 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 stock has a market capitalization of $153.06 billion, a PE ratio of 18.99, a price-to-earnings-growth ratio of 0.73 and a beta of 0.38.

Progressive (NYSE:PGR) last released its quarterly earnings data 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 for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, analysts anticipate that The Progressive Co. will post 13.2 EPS for the current fiscal year.

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.