Fairway Wealth LLC Cuts Stock Position in The Progressive Co. (NYSE:PGR)

Fairway Wealth LLC cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 14.4% during the third quarter, Holdings Channel.com reports. The fund owned 3,153 shares of the insurance provider’s stock after selling 530 shares during the period. Fairway Wealth LLC’s holdings in Progressive were worth $800,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Concurrent Investment Advisors LLC boosted its stake in Progressive by 66.4% during the first quarter. Concurrent Investment Advisors LLC now owns 6,814 shares of the insurance provider’s stock valued at $1,409,000 after buying an additional 2,719 shares during the last quarter. Diversified Trust Co boosted its position in shares of Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after acquiring an additional 11,770 shares during the last quarter. Councilmark Asset Management LLC purchased a new position in shares of Progressive in the first quarter valued at $1,890,000. Sycomore Asset Management increased its position in Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after purchasing an additional 2,450 shares during the last quarter. Finally, Sumitomo Life Insurance Co. purchased a new stake in Progressive during the second quarter valued at $981,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 2,981 shares of the stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the sale, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the transaction, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $6,618,555.95. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 74,843 shares of company stock valued at $18,674,912. 0.34% of the stock is owned by insiders.

Progressive Stock Up 2.4 %

Progressive stock opened at $261.51 on Friday. The business has a fifty day moving average price of $251.41 and a 200-day moving average price of $228.12. The Progressive Co. has a 1-year low of $149.14 and a 1-year high of $263.39. The stock has a market capitalization of $153.20 billion, a price-to-earnings ratio of 19.01, a PEG ratio of 0.72 and a beta of 0.36. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion for 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%. Equities research analysts forecast that The Progressive Co. will post 13.14 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts have commented on PGR shares. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. JPMorgan Chase & Co. boosted their price objective on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Wells Fargo & Company upped their price objective on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. The Goldman Sachs Group lifted their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Finally, BMO Capital Markets decreased their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average price target of $269.56.

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.