Financial Counselors Inc. Sells 788 Shares of The Progressive Co. (NYSE:PGR)

Financial Counselors Inc. decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 1.8% in the 3rd quarter, Holdings Channel reports. The fund owned 44,038 shares of the insurance provider’s stock after selling 788 shares during the period. Financial Counselors Inc.’s holdings in Progressive were worth $11,175,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently made changes to their positions in PGR. Raleigh Capital Management Inc. increased its position in Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares in the last quarter. Castleview Partners LLC increased its holdings in shares of Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after buying an additional 45 shares in the last quarter. Washington Trust Bank lifted its stake in shares of Progressive by 4.6% in the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after acquiring an additional 45 shares during the last quarter. Sunbelt Securities Inc. boosted its holdings in shares of Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock valued at $54,000 after acquiring an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its position in Progressive by 11.8% during the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after acquiring an additional 48 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have commented on PGR. JPMorgan Chase & Co. increased their target price on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Jefferies Financial Group raised their price objective on shares of Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. Bank of America raised their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, TD Cowen boosted their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a research note on Friday, November 8th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $269.81.

Progressive Stock Performance

Shares of PGR stock opened at $266.86 on Friday. 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 52 week low of $149.14 and a 52 week high of $270.62. The firm has a 50 day moving average of $253.89 and a 200-day moving average of $232.95. The company has a market cap of $156.33 billion, a price-to-earnings 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 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. On average, equities analysts forecast that The Progressive Co. will post 13.2 earnings per share for the current year.

Insider Activity at Progressive

In related news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction 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 transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 8.39 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the sale, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. This trade represents a 9.23 % 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.