PNC Financial Services Group Inc. Has $88.28 Million Position in The Progressive Co. (NYSE:PGR)

PNC Financial Services Group Inc. reduced its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 1.7% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 347,903 shares of the insurance provider's stock after selling 5,844 shares during the quarter. PNC Financial Services Group Inc. owned about 0.06% of Progressive worth $88,284,000 at the end of the most recent quarter.

Several other large investors have also recently added to or reduced their stakes in the stock. Diversified Trust Co lifted its position in Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider's stock valued at $6,531,000 after purchasing an additional 11,770 shares during the last quarter. Sycomore Asset Management grew its holdings in Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider's stock worth $5,856,000 after buying an additional 2,450 shares in the last quarter. Sumitomo Life Insurance Co. acquired a new stake in Progressive in the 2nd quarter valued at approximately $981,000. Tidal Investments LLC boosted its position in Progressive by 22.2% during the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider's stock worth $6,480,000 after acquiring an additional 5,691 shares during the period. Finally, Advisors Asset Management Inc. grew its stake in shares of Progressive by 88.7% in the first quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider's stock worth $1,577,000 after purchasing an additional 3,585 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Stock Up 1.0 %

Shares of PGR stock traded up $2.48 on Wednesday, reaching $256.99. 1,638,438 shares of the company's stock traded hands, compared to its average volume of 2,453,636. The company has a market capitalization of $150.54 billion, a P/E ratio of 18.68, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $263.85. 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 business's 50 day moving average price is $252.58 and its two-hundred day moving average price is $230.94.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results 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. The company had revenue of $19.43 billion for the quarter, compared to analysts' expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, equities analysts forecast that The Progressive Co. will post 13.09 earnings per share for the current year.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on PGR shares. Evercore ISI upped their price objective on shares of Progressive from $277.00 to $285.00 and gave the stock an "outperform" rating in a report on Wednesday, November 6th. Barclays raised their price objective on shares of Progressive from $267.00 to $277.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 23rd. Wells Fargo & Company upped their target price on Progressive from $281.00 to $282.00 and gave the stock an "overweight" rating in a research report on Tuesday, September 10th. Roth Mkm lifted their price target on Progressive from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Monday, September 16th. Finally, Keefe, Bruyette & Woods upped their price objective on Progressive from $280.00 to $290.00 and gave the company an "outperform" rating in a report on Wednesday, October 16th. Five equities 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. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $269.81.

Insiders Place Their Bets

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the business's stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now directly owns 13,723 shares of the company's stock, valued at $3,462,038.44. The trade was a 13.71 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 2,981 shares of the firm's stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock worth $14,975,979 in the last quarter. 0.34% of the stock is currently owned by corporate insiders.

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.