PNC Financial Services Group Inc. Lowers Holdings in The Progressive Co. (NYSE:PGR)

PNC Financial Services Group Inc. decreased its holdings in The Progressive Co. (NYSE:PGR) by 1.7% in the 3rd quarter, Holdings Channel reports. The institutional investor owned 347,903 shares of the insurance provider’s stock after selling 5,844 shares during the period. PNC Financial Services Group Inc.’s holdings in Progressive were worth $88,284,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. 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 worth $6,531,000 after purchasing an additional 11,770 shares during the period. Sycomore Asset Management grew its holdings in shares of Progressive by 9.5% during the 2nd 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 period. Sumitomo Life Insurance Co. purchased a new stake in shares of Progressive during the 2nd quarter worth about $981,000. Tidal Investments LLC grew its holdings in shares of Progressive by 22.2% during the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after purchasing an additional 5,691 shares during the period. Finally, Advisors Asset Management Inc. lifted its position in Progressive by 88.7% during 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. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity

In other news, insider Steven Broz sold 2,981 shares of the company’s stock in a transaction 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 completion of the sale, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This represents a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This trade represents a 13.71 % 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 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several research firms recently commented on PGR. Evercore ISI boosted their price target on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Morgan Stanley upped their target price on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. 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. JPMorgan Chase & Co. upped their target price on Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Finally, Keefe, Bruyette & Woods upped their target price on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Progressive has an average rating of “Moderate Buy” and an average price target of $269.81.

Progressive Trading Down 0.8 %

NYSE:PGR opened at $254.51 on Wednesday. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. The stock has a market cap of $149.09 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 0.71 and a beta of 0.36. The business has a fifty day moving average of $252.43 and a 200-day moving average of $230.76. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Equities analysts predict that The Progressive Co. will post 13.09 earnings per share for the current 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.