Pathstone Holdings LLC Sells 121,377 Shares of The Progressive Co. (NYSE:PGR)

Pathstone Holdings LLC cut its holdings in The Progressive Co. (NYSE:PGR) by 30.2% during the 3rd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 280,905 shares of the insurance provider’s stock after selling 121,377 shares during the period. Pathstone Holdings LLC’s holdings in Progressive were worth $71,282,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Diversified Trust Co grew its holdings 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 purchasing an additional 11,770 shares during the last quarter. Sycomore Asset Management grew its holdings in shares of Progressive by 9.5% during the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after buying an additional 2,450 shares during the last quarter. Sumitomo Life Insurance Co. acquired a new position in Progressive during the 2nd quarter valued at about $981,000. Tidal Investments LLC grew its holdings in Progressive by 22.2% during the first quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after buying an additional 5,691 shares in the last quarter. Finally, Advisors Asset Management Inc. grew its stake in shares of Progressive by 88.7% in the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock worth $1,577,000 after acquiring an additional 3,585 shares in the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Trading Up 0.3 %

NYSE:PGR opened at $256.56 on Tuesday. The firm has a 50 day moving average of $252.32 and a 200 day moving average of $230.44. The stock has a market capitalization of $150.30 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 0.71 and a beta of 0.36. 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 Progressive Co. has a 52 week low of $149.14 and a 52 week high of $263.85.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, sell-side analysts anticipate that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 2,981 shares of the stock in a transaction on 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 in the company, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,209 shares of company stock valued at $14,975,979. Insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on PGR shares. Morgan Stanley boosted their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. StockNews.com upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a report on Monday, August 12th. Evercore ISI upped their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research note on Wednesday, November 6th. Finally, Barclays lifted their price objective on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a report on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $269.81.

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.