Horizon Investment Services LLC Sells 1,054 Shares of The Progressive Corporation $PGR

Horizon Investment Services LLC reduced its stake in The Progressive Corporation (NYSE:PGR) by 5.7% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 17,589 shares of the insurance provider’s stock after selling 1,054 shares during the quarter. Progressive comprises 2.1% of Horizon Investment Services LLC’s holdings, making the stock its 13th largest holding. Horizon Investment Services LLC’s holdings in Progressive were worth $4,694,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also added to or reduced their stakes in PGR. TruNorth Capital Management LLC raised its stake in Progressive by 210.0% during the first quarter. TruNorth Capital Management LLC now owns 93 shares of the insurance provider’s stock worth $26,000 after buying an additional 63 shares during the last quarter. Atlantic Union Bankshares Corp acquired a new stake in Progressive during the 2nd quarter worth about $33,000. Westside Investment Management Inc. grew its holdings in Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares during the period. Ransom Advisory Ltd bought a new position in shares of Progressive in the 1st quarter worth about $35,000. Finally, Activest Wealth Management boosted its position in shares of Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 127 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PGR. Citigroup dropped their price target on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research note on Thursday, October 16th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $301.00 to $303.00 and gave the company an “overweight” rating in a research report on Thursday, October 9th. Jefferies Financial Group reduced their price target on shares of Progressive from $309.00 to $287.00 and set a “buy” rating for the company in a report on Monday, August 11th. Weiss Ratings reiterated a “buy (b-)” rating on shares of Progressive in a report on Friday, October 31st. Finally, Evercore ISI reduced their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Eight analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Hold” and an average target price of $267.96.

Progressive Price Performance

Shares of NYSE PGR opened at $209.62 on Friday. The stock has a market cap of $122.88 billion, a price-to-earnings ratio of 11.50, a PEG ratio of 1.19 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The Progressive Corporation has a fifty-two week low of $199.90 and a fifty-two week high of $292.99. The firm’s 50-day simple moving average is $234.12 and its 200 day simple moving average is $252.42.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The company had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same period in the prior year, the firm posted $3.58 earnings per share. As a group, research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In other news, insider Steven Broz sold 1,345 shares of the stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $325,624.50. Following the completion of the sale, the insider owned 30,388 shares in the company, valued at $7,356,934.80. This represents a 4.24% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Lori A. Niederst sold 8,063 shares of the firm’s stock in a transaction dated Thursday, August 14th. The shares were sold at an average price of $250.18, for a total transaction of $2,017,201.34. Following the transaction, the insider directly owned 39,040 shares in the company, valued at $9,767,027.20. The trade was a 17.12% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 58,500 shares of company stock worth $14,430,089. 0.34% of the stock is currently owned by insiders.

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.