KBC Group NV Cuts Stake in The Progressive Co. (NYSE:PGR)

KBC Group NV lessened its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 10.3% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 401,179 shares of the insurance provider's stock after selling 46,177 shares during the period. KBC Group NV owned about 0.07% of Progressive worth $101,803,000 at the end of the most recent reporting period.

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

Insiders Place Their Bets

In other news, Director Dyke Kahina Van sold 2,180 shares of the 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 sale, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 6,122 shares of the business's stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the sale, the insider now directly owns 32,316 shares of the company's stock, valued at $7,600,400.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 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 transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 65,331 shares of company stock valued at $16,415,812 over the last 90 days. Insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently weighed in on PGR. Roth Mkm lifted their price objective on Progressive from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Monday, September 16th. StockNews.com downgraded shares of Progressive from a "buy" rating to a "hold" rating in a report on Monday. HSBC raised shares of Progressive from a "hold" rating to a "buy" rating and set a $253.00 price objective for the company in a research note on Monday, August 12th. Keefe, Bruyette & Woods lifted their target price on shares of Progressive from $280.00 to $290.00 and gave the company an "outperform" rating in a research note on Wednesday, October 16th. Finally, Piper Sandler increased their price target on Progressive from $250.00 to $252.00 and gave the stock an "overweight" rating in a research note on Thursday, August 15th. Seven investment analysts have rated the stock with a hold rating, twelve have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $269.56.

Progressive Trading Down 1.7 %

PGR traded down $4.50 during trading on Thursday, reaching $256.87. The company had a trading volume of 798,995 shares, compared to its average volume of 2,455,467. 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 business has a 50 day simple moving average of $251.92 and a 200-day simple moving average of $229.29. The stock has a market cap of $150.48 billion, a P/E ratio of 18.65, a PEG ratio of 0.73 and a beta of 0.36. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $263.85.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion during the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, equities analysts anticipate that The Progressive Co. will post 13.15 EPS for the current fiscal 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.