Confluence Investment Management LLC Has $228.70 Million Holdings in The Progressive Co. (NYSE:PGR)

Confluence Investment Management LLC cut its stake in The Progressive Co. (NYSE:PGR) by 3.8% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 901,260 shares of the insurance provider’s stock after selling 35,854 shares during the period. Progressive accounts for 3.1% of Confluence Investment Management LLC’s investment portfolio, making the stock its largest holding. Confluence Investment Management LLC owned about 0.15% of Progressive worth $228,704,000 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. Davis Capital Management acquired a new stake in shares of Progressive during the 3rd quarter worth approximately $25,000. WR Wealth Planners LLC boosted its holdings in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 67 shares in the last quarter. DiNuzzo Private Wealth Inc. grew its stake in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after acquiring an additional 73 shares during the period. Hilltop National Bank raised its position in shares of Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares during the period. Finally, LRI Investments LLC bought a new position in shares of Progressive in the 1st quarter worth $36,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

In related news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction on Friday, September 27th. The shares were sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 74,843 shares of company stock valued at $18,674,912. 0.34% of the stock is currently owned by corporate insiders.

Progressive Price Performance

PGR opened at $255.27 on Friday. The company has a market capitalization of $149.50 billion, a price-to-earnings ratio of 18.55, a PEG ratio of 0.67 and a beta of 0.36. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The firm has a 50-day moving average price of $251.12 and a 200-day moving average price of $227.59. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $260.46.

Progressive (NYSE:PGR) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 35.21%. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Equities analysts expect that The Progressive Co. will post 13.15 EPS for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PGR. BMO Capital Markets dropped their price objective on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. The Goldman Sachs Group raised their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Roth Mkm increased their price objective on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Keefe, Bruyette & Woods raised their target price on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Finally, JPMorgan Chase & Co. upped their price target on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $265.63.

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.