Glenmede Trust Co. NA lessened its holdings in shares of Progressive Corp (NYSE:PGR) by 12.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 485,873 shares of the insurance provider’s stock after selling 67,847 shares during the quarter. Glenmede Trust Co. NA owned approximately 0.08% of Progressive worth $34,515,000 at the end of the most recent quarter.
Other institutional investors have also modified their holdings of the company. Capital Advisors Ltd. LLC lifted its stake in shares of Progressive by 409.1% during the 3rd quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock worth $105,000 after purchasing an additional 1,125 shares during the period. ELM Advisors LLC purchased a new position in shares of Progressive during the 3rd quarter worth $107,000. Harvest Fund Management Co. Ltd purchased a new position in shares of Progressive during the 3rd quarter worth $112,000. Woodmont Investment Counsel LLC purchased a new position in shares of Progressive during the 2nd quarter worth $204,000. Finally, Lido Advisors LLC purchased a new position in shares of Progressive during the 2nd quarter worth $207,000. 79.93% of the stock is currently owned by institutional investors.
Several research analysts recently weighed in on PGR shares. MKM Partners increased their target price on Progressive to $85.00 and gave the stock a “buy” rating in a research report on Wednesday, September 26th. Credit Suisse Group set a $79.00 target price on Progressive and gave the stock a “buy” rating in a research report on Friday, November 2nd. Wells Fargo & Co set a $69.00 price objective on Progressive and gave the company a “hold” rating in a research report on Tuesday, October 16th. ValuEngine lowered Progressive from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. Finally, Buckingham Research raised Progressive from an “underperform” rating to a “neutral” rating and set a $58.00 price objective on the stock in a research report on Monday, November 19th. Six equities research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $71.57.
NYSE:PGR traded down $0.29 during mid-day trading on Friday, reaching $61.68. The stock had a trading volume of 1,744,521 shares, compared to its average volume of 3,091,688. The company has a market capitalization of $35.71 billion, a price-to-earnings ratio of 23.45, a price-to-earnings-growth ratio of 1.72 and a beta of 0.76. Progressive Corp has a 1-year low of $50.79 and a 1-year high of $73.69. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.42 and a current ratio of 0.42.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, topping the Zacks’ consensus estimate of $1.14 by $0.43. The business had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. Progressive had a return on equity of 27.45% and a net margin of 9.42%. The company’s revenue for the quarter was up 20.5% compared to the same quarter last year. During the same period last year, the firm earned $0.38 earnings per share. On average, equities research analysts forecast that Progressive Corp will post 4.78 EPS for the current fiscal year.
In other news, insider John A. Barbagallo sold 50,000 shares of Progressive stock in a transaction that occurred on Friday, October 26th. The stock was sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the sale, the insider now owns 177,368 shares of the company’s stock, valued at $12,064,571.36. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, insider John A. Barbagallo sold 5,948 shares of Progressive stock in a transaction that occurred on Thursday, January 3rd. The shares were sold at an average price of $58.96, for a total value of $350,694.08. Following the sale, the insider now directly owns 177,370 shares in the company, valued at approximately $10,457,735.20. The disclosure for this sale can be found here. Insiders sold 68,548 shares of company stock valued at $4,569,056 over the last quarter. Insiders own 0.70% of the company’s stock.
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Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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