The Progressive Co. (NYSE:PGR) Position Cut by St. Louis Trust Co

St. Louis Trust Co decreased its position in The Progressive Co. (NYSE:PGR - Free Report) by 13.8% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,822 shares of the insurance provider's stock after selling 2,376 shares during the quarter. St. Louis Trust Co's holdings in Progressive were worth $3,761,000 at the end of the most recent quarter.

A number of other institutional investors also recently added to or reduced their stakes in the company. OneAscent Wealth Management LLC purchased a new position in shares of Progressive in the 3rd quarter valued at about $435,000. Napa Wealth Management acquired a new position in Progressive in the third quarter valued at approximately $1,128,000. Drive Wealth Management LLC increased its stake in Progressive by 2.9% in the third quarter. Drive Wealth Management LLC now owns 2,153 shares of the insurance provider's stock valued at $546,000 after purchasing an additional 61 shares during the last quarter. AMG National Trust Bank acquired a new stake in Progressive during the third quarter worth approximately $203,000. Finally, Swiss National Bank raised its holdings in Progressive by 0.3% during the third quarter. Swiss National Bank now owns 1,738,400 shares of the insurance provider's stock worth $441,136,000 after purchasing an additional 4,400 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insiders Place Their Bets

In related news, insider Patrick K. Callahan sold 7,696 shares of the company's stock in a transaction that occurred on Friday, September 20th. The stock was sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the sale, the insider now directly owns 15,189 shares of the company's stock, valued at approximately $3,876,384.69. This represents a 33.63 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company's stock, valued at approximately $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 in the last three months. 0.34% of the stock is owned by insiders.

Progressive Stock Down 0.8 %

Shares of PGR traded down $2.01 during mid-day trading on Tuesday, reaching $254.51. 1,735,940 shares of the stock traded hands, compared to its average volume of 2,457,139. The stock has a fifty day simple moving average of $252.43 and a 200 day simple moving average of $230.76. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $263.85. 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 firm has a market cap of $149.09 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating 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 company had revenue of $19.43 billion during the quarter, compared to analysts' expectations of $18.95 billion. Sell-side analysts expect that The Progressive Co. will post 13.09 EPS for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on PGR. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $242.00 to $251.00 and gave the stock an "overweight" rating in a research note on Thursday, October 10th. Evercore ISI raised their target price on shares of Progressive from $277.00 to $285.00 and gave the stock an "outperform" rating in a research note on Wednesday, November 6th. Hsbc Global Res raised Progressive from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 12th. Barclays lifted their price target on Progressive from $267.00 to $277.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 23rd. Finally, TD Cowen increased their price objective on Progressive from $197.00 to $237.00 and gave the stock a "hold" rating in a research report on Friday, November 8th. 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 stock. Based on data from MarketBeat, Progressive currently has a consensus rating of "Moderate Buy" and a consensus price target of $269.81.

Progressive 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.