The Progressive Corporation $PGR Shares Sold by Natixis

Natixis decreased its stake in shares of The Progressive Corporation (NYSE:PGR) by 17.1% during the second quarter, HoldingsChannel.com reports. The institutional investor owned 272,692 shares of the insurance provider’s stock after selling 56,269 shares during the quarter. Natixis’ holdings in Progressive were worth $72,771,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive in the 2nd quarter valued at approximately $33,000. Westside Investment Management Inc. lifted its holdings in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares during the last quarter. Ransom Advisory Ltd purchased a new position in Progressive in the first quarter worth approximately $35,000. Activest Wealth Management grew its position in Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 127 shares during the period. Finally, Richardson Financial Services Inc. increased its stake in Progressive by 1,885.7% during the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 132 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Progressive Price Performance

Shares of PGR opened at $222.85 on Monday. 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 moving average price is $225.88 and its 200 day moving average price is $244.24. The company has a market cap of $130.68 billion, a P/E ratio of 12.22, a PEG ratio of 0.99 and a beta of 0.36. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share 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 analysts’ expectations 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 company posted $3.58 EPS. On average, research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the sale, the insider owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. This trade represents a 4.85% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the sale, the insider owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. The trade was a 4.63% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders sold 17,673 shares of company stock worth $4,163,005. 0.33% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several equities analysts have recently commented on PGR shares. Raymond James Financial decreased their price target on Progressive from $305.00 to $265.00 and set an “outperform” rating on the stock in a research note on Friday, October 17th. Wells Fargo & Company increased their target price on shares of Progressive from $246.00 to $247.00 and gave the stock an “equal weight” rating in a research note on Thursday, November 20th. Weiss Ratings reiterated a “hold (c+)” rating on shares of Progressive in a research report on Tuesday, December 2nd. Morgan Stanley set a $214.00 price objective on shares of Progressive and gave the stock an “underweight” rating in a report on Monday, October 20th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research report on Thursday, October 9th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average price target of $266.52.

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.