The Progressive Co. (NYSE:PGR) Stock Position Lessened by MetLife Investment Management LLC

MetLife Investment Management LLC trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 2.4% during the third quarter, Holdings Channel.com reports. The firm owned 174,716 shares of the insurance provider’s stock after selling 4,348 shares during the quarter. MetLife Investment Management LLC’s holdings in Progressive were worth $44,336,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Jennison Associates LLC increased its stake in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock valued at $1,205,266,000 after acquiring an additional 842,109 shares during the period. International Assets Investment Management LLC boosted its stake in Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock valued at $151,325,000 after purchasing an additional 594,330 shares in the last quarter. SG Americas Securities LLC increased its position in shares of Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after purchasing an additional 590,235 shares during the period. Swedbank AB acquired a new stake in shares of Progressive in the first quarter valued at $116,852,000. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Progressive by 457.2% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 651,707 shares of the insurance provider’s stock valued at $135,366,000 after buying an additional 534,754 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of several research reports. BMO Capital Markets dropped their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. The Goldman Sachs Group boosted their target price on shares of Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. TD Cowen raised their target price on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Bank of America increased their price objective on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday, November 18th. Finally, Morgan Stanley lifted their target price on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $269.81.

Progressive Stock Up 0.2 %

Progressive stock traded up $0.52 during trading hours on Wednesday, hitting $268.54. The company had a trading volume of 103,968 shares, compared to its average volume of 2,453,113. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $268.97. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm has a market capitalization of $157.31 billion, a P/E ratio of 19.48, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The firm’s fifty day moving average is $253.47 and its 200-day moving average is $232.47.

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, topping analysts’ consensus estimates of $3.40 by $0.18. The business 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, research analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current year.

Insider Transactions at Progressive

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the sale, the insider now owns 15,189 shares of the company’s stock, valued at $3,876,384.69. The trade was a 33.63 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated 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 sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 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.

Progressive Company Profile

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.