British Airways Pensions Investment Management Ltd cut its holdings in Progressive Corp (NYSE:PGR) by 76.3% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 53,312 shares of the insurance provider’s stock after selling 171,870 shares during the quarter. British Airways Pensions Investment Management Ltd’s holdings in Progressive were worth $4,118,000 as of its most recent SEC filing.
Other large investors have also added to or reduced their stakes in the company. Manchester Financial Inc. purchased a new stake in shares of Progressive during the second quarter valued at about $25,000. First Financial Corp IN purchased a new stake in shares of Progressive during the third quarter valued at about $25,000. Synovus Financial Corp lifted its position in shares of Progressive by 752.4% during the second quarter. Synovus Financial Corp now owns 358 shares of the insurance provider’s stock valued at $27,000 after buying an additional 316 shares during the last quarter. Archford Capital Strategies LLC increased its holdings in shares of Progressive by 49.5% during the second quarter. Archford Capital Strategies LLC now owns 408 shares of the insurance provider’s stock valued at $33,000 after acquiring an additional 135 shares in the last quarter. Finally, Mirova acquired a new position in shares of Progressive during the second quarter valued at about $43,000. 78.67% of the stock is owned by institutional investors.
NYSE:PGR traded up $1.03 during midday trading on Friday, hitting $73.59. The company’s stock had a trading volume of 323,906 shares, compared to its average volume of 3,519,904. Progressive Corp has a fifty-two week low of $56.71 and a fifty-two week high of $84.96. The firm’s 50 day moving average is $73.17 and its 200-day moving average is $77.39. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.42 and a quick ratio of 0.36. The firm has a market cap of $40.28 billion, a P/E ratio of 16.65, a P/E/G ratio of 1.75 and a beta of 0.65.
Progressive (NYSE:PGR) last issued its quarterly earnings results on Thursday, November 7th. The insurance provider reported $1.33 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.30 by $0.03. Progressive had a net margin of 8.69% and a return on equity of 25.83%. As a group, analysts forecast that Progressive Corp will post 5.37 EPS for the current year.
In other Progressive news, CEO Susan Patricia Griffith sold 22,500 shares of the company’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $76.47, for a total value of $1,720,575.00. Following the sale, the chief executive officer now owns 352,795 shares in the company, valued at approximately $26,978,233.65. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $77.58, for a total value of $930,960.00. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,500 shares of company stock worth $3,005,735. 0.39% of the stock is owned by corporate insiders.
Several research firms have recently issued reports on PGR. Evercore ISI began coverage on shares of Progressive in a report on Thursday, October 17th. They set an “in-line” rating and a $78.00 price objective on the stock. Credit Suisse Group cut their price objective on shares of Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a report on Friday, October 18th. Barclays set a $90.00 price objective on shares of Progressive and gave the company a “buy” rating in a report on Friday, September 13th. Raymond James set a $93.00 price objective on shares of Progressive and gave the company a “buy” rating in a report on Thursday, September 26th. Finally, ValuEngine downgraded shares of Progressive from a “hold” rating to a “sell” rating in a report on Tuesday, October 15th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and five have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus price target of $82.64.
Progressive Company Profile
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
See Also: Straddles
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.