The Progressive Co. (NYSE:PGR) Shares Sold by Glenmede Trust Co. NA

Glenmede Trust Co. NA trimmed its position in The Progressive Co. (NYSE:PGR) by 62.8% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 155,215 shares of the insurance provider’s stock after selling 261,865 shares during the period. Glenmede Trust Co. NA’s holdings in Progressive were worth $39,387,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of PGR. Davis Capital Management purchased a new position in Progressive during the third quarter worth about $25,000. WR Wealth Planners LLC grew its stake in shares of Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the period. Hilltop National Bank increased 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 valued at $34,000 after purchasing an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. lifted its stake in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the period. Finally, LRI Investments LLC acquired a new position in Progressive during the first quarter worth about $36,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of PGR stock opened at $268.00 on Wednesday. The firm has a fifty day simple moving average of $253.47 and a 200-day simple moving average of $232.47. The company has a market capitalization of $157.00 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $268.16. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Equities research analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on 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 transaction, the chief executive officer now owns 473,735 shares in the company, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction that occurred 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 sale, the insider now directly owns 26,353 shares in the company, valued at approximately $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock valued at $14,975,979 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several brokerages have recently commented on PGR. Piper Sandler boosted their price target on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Keefe, Bruyette & Woods boosted their target price on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. BMO Capital Markets dropped their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Roth Mkm boosted their price objective on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research report on Monday, September 16th. Finally, Bank of America lifted their target price on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Progressive presently has a consensus 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.