Pinnacle Financial Partners Inc Boosts Holdings in The Progressive Co. (NYSE:PGR)

Pinnacle Financial Partners Inc grew its position in The Progressive Co. (NYSE:PGR) by 8.4% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 5,474 shares of the insurance provider’s stock after acquiring an additional 426 shares during the quarter. Pinnacle Financial Partners Inc’s holdings in Progressive were worth $1,389,000 at the end of the most recent reporting period.

Several other institutional investors have also recently made changes to their positions in PGR. Canada Pension Plan Investment Board raised its position in Progressive by 548.2% in the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider’s stock worth $167,866,000 after purchasing an additional 686,433 shares during the period. Capital International Investors raised its holdings in shares of Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider’s stock worth $1,018,592,000 after buying an additional 670,006 shares during the period. International Assets Investment Management LLC lifted its stake in shares of Progressive by 29,701.6% during the 3rd quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider’s stock worth $151,325,000 after acquiring an additional 594,330 shares during the last quarter. SG Americas Securities LLC boosted its holdings in Progressive by 206.8% during the 3rd quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider’s stock valued at $222,207,000 after acquiring an additional 590,235 shares during the period. Finally, Swedbank AB bought a new position in Progressive in the 1st quarter valued at $116,852,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $257.47 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a market cap of $150.83 billion, a PE ratio of 18.71, a P/E/G ratio of 0.73 and a beta of 0.36. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $263.85. The stock has a fifty day moving average price of $251.92 and a 200-day moving average price of $229.29.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating 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 company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Equities research analysts predict that The Progressive Co. will post 13.11 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the transaction, the insider now owns 15,189 shares in the company, valued at $3,876,384.69. This trade represents a 33.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now owns 26,353 shares in the company, valued at approximately $6,618,555.95. The trade was a 10.16 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 65,331 shares of company stock worth $16,415,812 in the last three months. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on the stock. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Monday. Keefe, Bruyette & Woods upped their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price for the company in a report on Monday, August 12th. Seven research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $269.56.

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.