Kingfisher Capital LLC Sells 1,554 Shares of The Progressive Co. (NYSE:PGR)

Kingfisher Capital LLC lessened its holdings in shares of The Progressive Co. (NYSE:PGR) by 4.9% during the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 30,236 shares of the insurance provider’s stock after selling 1,554 shares during the quarter. Progressive makes up approximately 1.8% of Kingfisher Capital LLC’s investment portfolio, making the stock its 13th largest position. Kingfisher Capital LLC’s holdings in Progressive were worth $7,673,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. B. Riley Wealth Advisors Inc. boosted its holdings in shares of Progressive by 7.2% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 7,972 shares of the insurance provider’s stock worth $1,649,000 after buying an additional 537 shares during the period. Virtu Financial LLC bought a new stake in shares of Progressive during the first quarter worth approximately $258,000. LRI Investments LLC acquired a new position in shares of Progressive in the first quarter valued at approximately $36,000. Cetera Investment Advisers increased its stake in shares of Progressive by 259.1% during the first quarter. Cetera Investment Advisers now owns 67,074 shares of the insurance provider’s stock worth $13,872,000 after purchasing an additional 48,397 shares during the period. Finally, Cetera Advisors LLC lifted its holdings in Progressive by 59.6% during the 1st quarter. Cetera Advisors LLC now owns 18,075 shares of the insurance provider’s stock worth $3,738,000 after purchasing an additional 6,752 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have commented on PGR. Bank of America upped their price objective on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. TD Cowen boosted their price objective on shares of Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. BMO Capital Markets lowered their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Finally, Evercore ISI boosted their price target on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a research note on Wednesday, November 6th. Five 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 company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $269.81.

Progressive Stock Performance

NYSE:PGR opened at $266.86 on Friday. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $270.62. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock’s 50-day simple moving average is $253.89 and its 200 day simple moving average is $232.95. The firm has a market capitalization of $156.33 billion, a PE ratio of 19.39, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share 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%. On average, analysts anticipate that The Progressive Co. will post 13.2 EPS 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 dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at $7,626,840. This 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 worth $14,975,979 over the last quarter. Corporate insiders own 0.34% of the company’s stock.

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.