The Progressive Co. (NYSE:PGR) Holdings Decreased by The Manufacturers Life Insurance Company

The Manufacturers Life Insurance Company lowered its stake in shares of The Progressive Co. (NYSE:PGR) by 3.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 430,156 shares of the insurance provider’s stock after selling 15,176 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Progressive were worth $109,156,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Davis Capital Management acquired a new position in Progressive during the 3rd quarter valued at approximately $25,000. WR Wealth Planners LLC boosted its position in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares during the period. Hilltop National Bank boosted its position in Progressive by 126.0% during 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 during the period. DiNuzzo Private Wealth Inc. boosted its position in Progressive by 114.1% during the 3rd 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 1st quarter valued at approximately $36,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Up 0.8 %

Shares of Progressive stock opened at $268.00 on Wednesday. The stock’s fifty day moving average is $253.47 and its 200-day moving average is $232.47. The firm 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 company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $268.16.

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

Insider Activity at Progressive

In related news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on 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 transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 59,209 shares of company stock valued at $14,975,979. Company insiders own 0.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on PGR. JPMorgan Chase & Co. boosted their price target on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research report on Thursday, October 10th. BMO Capital Markets reduced 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. Evercore ISI boosted their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. Finally, Barclays boosted their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Five research 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 stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus 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.