Valley Wealth Managers Inc. Sells 12,546 Shares of The Progressive Co. (NYSE:PGR)

Valley Wealth Managers Inc. cut its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 11.1% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 100,755 shares of the insurance provider's stock after selling 12,546 shares during the period. Progressive comprises about 1.9% of Valley Wealth Managers Inc.'s holdings, making the stock its 6th largest position. Valley Wealth Managers Inc.'s holdings in Progressive were worth $25,567,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Empowered Funds LLC raised its stake in Progressive by 147.2% in the 3rd quarter. Empowered Funds LLC now owns 56,393 shares of the insurance provider's stock valued at $14,310,000 after purchasing an additional 33,576 shares during the last quarter. Empirical Finance LLC increased its stake in shares of Progressive by 2.3% during the 3rd quarter. Empirical Finance LLC now owns 20,115 shares of the insurance provider's stock valued at $5,104,000 after acquiring an additional 449 shares during the last quarter. Sheaff Brock Investment Advisors LLC increased its position in Progressive by 355.5% during the 3rd quarter. Sheaff Brock Investment Advisors LLC now owns 8,654 shares of the insurance provider's stock worth $2,196,000 after purchasing an additional 6,754 shares in the last quarter. Dearborn Partners LLC increased its position in Progressive by 2.3% during the 3rd quarter. Dearborn Partners LLC now owns 6,666 shares of the insurance provider's stock worth $1,691,000 after purchasing an additional 152 shares in the last quarter. Finally, CIBC Asset Management Inc increased its position in Progressive by 9.6% during the 3rd quarter. CIBC Asset Management Inc now owns 89,358 shares of the insurance provider's stock worth $22,675,000 after purchasing an additional 7,797 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on the company. Evercore ISI upped their price target on Progressive from $277.00 to $285.00 and gave the stock an "outperform" rating in a report on Wednesday, November 6th. Keefe, Bruyette & Woods increased their target price on Progressive from $280.00 to $290.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. TD Cowen increased their target price on Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a research note on Friday, November 8th. HSBC upgraded Progressive from a "hold" rating to a "buy" rating and set a $253.00 target price for the company in a research note on Monday, August 12th. Finally, Barclays increased their target price on Progressive from $267.00 to $277.00 and gave the company an "equal weight" rating in a research note on Wednesday, October 23rd. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $269.56.

Progressive Trading Down 0.7 %

Shares of NYSE:PGR traded down $1.72 during midday trading on Friday, reaching $255.78. The company had a trading volume of 3,247,982 shares, compared to its average volume of 2,463,986. 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 Progressive Co. has a 1-year low of $149.14 and a 1-year high of $263.85. The firm has a market cap of $149.84 billion, a price-to-earnings ratio of 18.86, a price-to-earnings-growth ratio of 0.73 and a beta of 0.36. The company has a fifty day simple moving average of $252.08 and a two-hundred day simple moving average of $229.48.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data 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 return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Research analysts predict that The Progressive Co. will post 13.11 earnings per share for the current year.

Insiders Place Their Bets

In related news, 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 value of $549,970.40. Following the transaction, the director now directly owns 13,723 shares of the company's stock, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 2,982 shares of the firm's stock in a transaction that occurred on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the transaction, the insider now directly owns 29,334 shares in the company, valued at $7,626,840. The trade was a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 65,331 shares of company stock worth $16,415,812. 0.34% of the stock is currently owned by company 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.