The Progressive Co. (NYSE:PGR) Shares Sold by Parnassus Investments LLC

Parnassus Investments LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 10.3% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 602,725 shares of the insurance provider's stock after selling 69,426 shares during the period. Parnassus Investments LLC owned approximately 0.10% of Progressive worth $152,947,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Davis Capital Management purchased a new stake in Progressive during the third quarter worth approximately $25,000. WR Wealth Planners LLC increased its holdings in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider's stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. raised its position in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock valued at $35,000 after purchasing an additional 73 shares during the period. Hilltop National Bank lifted its stake in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider's stock worth $34,000 after purchasing an additional 92 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in shares of Progressive in the first quarter worth about $36,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In other news, insider Steven Broz sold 2,982 shares of the stock in a transaction on Monday, September 23rd. The stock was 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 owns 29,334 shares of the company's stock, valued at approximately $7,626,840. This represents a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value 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. The trade was a 8.39 % 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 three months. 0.34% of the stock is owned by insiders.

Wall Street Analyst Weigh In

Several brokerages recently commented on PGR. Jefferies Financial Group raised their target price on Progressive from $257.00 to $295.00 and gave the company a "buy" rating in a report on Wednesday, October 9th. StockNews.com raised Progressive from a "hold" rating to a "buy" rating in a research report on Tuesday. BMO Capital Markets reduced their price target on Progressive from $239.00 to $237.00 and set an "outperform" rating on the stock in a research report on Wednesday, August 7th. Barclays boosted their price target on Progressive from $267.00 to $277.00 and gave the stock an "equal weight" rating in a research report on Wednesday, October 23rd. Finally, Piper Sandler upped their target price on Progressive from $250.00 to $252.00 and gave the company an "overweight" rating in a research report on Thursday, August 15th. Five research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $269.81.

Progressive Stock Performance

Shares of NYSE PGR traded down $2.01 during trading on Tuesday, reaching $254.51. The stock had a trading volume of 1,735,940 shares, compared to its average volume of 2,457,139. The stock has a market cap of $149.09 billion, a PE ratio of 18.49, a P/E/G ratio of 0.71 and a beta of 0.36. The firm's 50 day moving average price is $252.32 and its two-hundred day moving average price is $230.44. 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 one year low of $149.14 and a one year high of $263.85.

Progressive (NYSE:PGR - Get Free Report) last issued 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. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. On average, research analysts forecast that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

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.