140 Summer Partners LP Trims Stock Holdings in The Progressive Co. (NYSE:PGR)

140 Summer Partners LP cut its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 23.1% during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 321,866 shares of the insurance provider's stock after selling 96,700 shares during the quarter. Progressive accounts for approximately 8.8% of 140 Summer Partners LP's holdings, making the stock its 2nd biggest holding. 140 Summer Partners LP owned approximately 0.05% of Progressive worth $81,677,000 at the end of the most recent quarter.

Other institutional investors also recently made changes to their positions in the company. B. Riley Wealth Advisors Inc. boosted its position in Progressive by 7.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 7,972 shares of the insurance provider's stock valued at $1,649,000 after buying an additional 537 shares during the period. New Covenant Trust Company N.A. purchased a new stake in Progressive during the 1st quarter valued at about $41,000. Virtu Financial LLC bought a new position in Progressive during the 1st quarter worth approximately $258,000. LRI Investments LLC purchased a new position in Progressive in the 1st quarter worth approximately $36,000. Finally, Sanibel Captiva Trust Company Inc. lifted its position in Progressive by 532.6% in the first quarter. Sanibel Captiva Trust Company Inc. now owns 8,799 shares of the insurance provider's stock valued at $1,820,000 after purchasing an additional 7,408 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Activity

In other news, insider Steven Broz sold 2,981 shares of the 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 transaction, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This represents a 10.16 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Dyke Kahina Van sold 2,180 shares of the firm's stock in a transaction that occurred on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the completion of the transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock valued at $14,975,979 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several research analysts recently commented on the stock. 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 note on Monday, November 18th. Jefferies Financial Group raised their target price on Progressive from $257.00 to $295.00 and gave the stock a "buy" rating in a research note on Wednesday, October 9th. Barclays upped their price target on Progressive from $267.00 to $277.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 23rd. TD Cowen lifted their price objective on Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research report on Friday, November 8th. Finally, Piper Sandler upped their price objective on shares of Progressive from $250.00 to $252.00 and gave the stock an "overweight" rating in a report on Thursday, August 15th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Progressive currently has an average rating of "Moderate Buy" and an average price target of $269.81.

Progressive Price Performance

NYSE PGR opened at $266.86 on Thursday. The Progressive Co. has a one year low of $149.14 and a one year high of $270.62. The stock has a 50-day moving average of $253.65 and a 200 day moving average of $232.72. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The company has a market capitalization of $156.33 billion, a price-to-earnings ratio of 19.39, a PEG ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data 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 net margin of 11.27% and a return on equity of 33.10%. The firm had revenue of $19.43 billion during the quarter, compared to analysts' expectations of $18.95 billion. On average, sell-side analysts forecast that The Progressive Co. will post 13.2 EPS for the current year.

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.

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