Victory Capital Management Inc. Cuts Stake in The Progressive Co. (NYSE:PGR)

Victory Capital Management Inc. decreased its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 5.4% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 616,416 shares of the insurance provider's stock after selling 35,021 shares during the quarter. Victory Capital Management Inc. owned approximately 0.11% of Progressive worth $156,422,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Davis Capital Management bought a new stake in shares of Progressive in the 3rd quarter valued at about $25,000. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 67 shares during the last quarter. Hilltop National Bank increased its position in Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider's stock valued at $34,000 after purchasing an additional 92 shares during the period. DiNuzzo Private Wealth Inc. raised its holdings in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider's stock worth $35,000 after purchasing an additional 73 shares during the last quarter. Finally, LRI Investments LLC acquired a new position in shares of Progressive in the 1st quarter worth approximately $36,000. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total value of $2,259,100.00. Following the completion of the transaction, the insider now directly owns 45,787 shares in the company, valued at approximately $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Progressive news, insider Steven Broz sold 2,981 shares of the company's stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the sale, the insider now owns 45,787 shares of the company's stock, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock valued at $18,674,912 in the last 90 days. 0.34% of the stock is currently owned by company insiders.

Analyst Ratings Changes

PGR has been the subject of a number of analyst reports. JPMorgan Chase & Co. lifted their target price 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. HSBC raised shares of Progressive from a "hold" rating to a "buy" rating and set a $253.00 target price on the stock in a research note on Monday, August 12th. Roth Mkm upped their price target on Progressive from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Monday, September 16th. Barclays lifted their price target on shares of Progressive from $267.00 to $277.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 23rd. Finally, Hsbc Global Res upgraded Progressive from a "hold" rating to a "strong-buy" rating in a report on Monday, August 12th. Seven analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average price target of $269.56.

Progressive Stock Performance

Shares of PGR stock traded down $0.97 on Wednesday, hitting $261.37. 1,422,343 shares of the stock were exchanged, compared to its average volume of 2,462,996. The firm's 50 day moving average is $251.77 and its two-hundred day moving average is $229.06. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The firm has a market capitalization of $153.11 billion, a PE ratio of 18.99, a P/E/G ratio of 0.73 and a beta of 0.36. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share 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 the consensus estimate of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Sell-side analysts expect that The Progressive Co. will post 13.15 earnings per share 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.