2,703 The Progressive Corporation $PGR Shares Sold by Marble Harbor Investment Counsel LLC

Marble Harbor Investment Counsel LLC lessened its stake in The Progressive Corporation (NYSE:PGR) by 4.2% during the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 62,301 shares of the insurance provider’s stock after selling 2,703 shares during the quarter. Progressive accounts for about 1.2% of Marble Harbor Investment Counsel LLC’s holdings, making the stock its 24th biggest position. Marble Harbor Investment Counsel LLC’s holdings in Progressive were worth $12,916,000 as of its most recent filing with the SEC.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. acquired a new stake in shares of Progressive during the 2nd quarter valued at $10,496,271,000. State Street Corp grew its holdings in shares of Progressive by 2.5% during the 2nd quarter. State Street Corp now owns 26,526,959 shares of the insurance provider’s stock valued at $5,794,814,000 after acquiring an additional 656,249 shares in the last quarter. Bank of America Corp DE purchased a new position in shares of Progressive during the 2nd quarter valued at $2,682,342,000. GQG Partners LLC purchased a new position in shares of Progressive during the 2nd quarter valued at $1,538,570,000. Finally, UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of Progressive by 6.4% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 6,784,205 shares of the insurance provider’s stock worth $1,482,010,000 after acquiring an additional 410,326 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insiders Place Their Bets

In related news, CEO Susan Griffith sold 37,338 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total value of $8,195,691.00. Following the completion of the sale, the chief executive officer directly owned 485,438 shares in the company, valued at approximately $106,553,641. This represents a 7.14% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the company’s stock in a transaction on Thursday, October 22nd. The stock was sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the sale, the insider owned 28,807 shares of the company’s stock, valued at $6,433,179.24. This represents a 4.08% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 41,013 shares of company stock worth $8,988,278 in the last 90 days. 0.32% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on PGR. BMO Capital Markets reiterated a “market perform” rating on shares of Progressive in a report on Thursday, October 15th. Barclays lifted their price objective on Progressive from $246.00 to $247.00 and gave the company an “overweight” rating in a research report on Wednesday, October 7th. Bank of America boosted their target price on Progressive from $302.00 to $314.00 in a research note on Thursday, October 1st. Wells Fargo & Company dropped their target price on Progressive from $201.00 to $196.00 and set an “underweight” rating on the stock in a research report on Thursday, October 15th. Finally, Roth Capital reaffirmed a “buy” rating and issued a $245.00 target price (up from $235.00) on shares of Progressive in a research report on Thursday, August 20th. Nine research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $234.45.

Progressive Price Performance

NYSE PGR opened at $235.51 on Friday. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock has a market capitalization of $136.44 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 2.70 and a beta of 0.22. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $241.02. The company has a 50 day moving average price of $219.72 and a two-hundred day moving average price of $210.51.

About Progressive

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage. The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.