Brown Brothers Harriman & Co. Sells 384,405 Shares of The Progressive Co. (NYSE:PGR)

Brown Brothers Harriman & Co. lowered its holdings in The Progressive Co. (NYSE:PGR) by 17.6% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,801,398 shares of the insurance provider’s stock after selling 384,405 shares during the period. Progressive makes up 3.1% of Brown Brothers Harriman & Co.’s portfolio, making the stock its 8th biggest position. Brown Brothers Harriman & Co. owned about 0.31% of Progressive worth $457,123,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Davis Capital Management acquired a new position in Progressive during the 3rd quarter worth approximately $25,000. WR Wealth Planners LLC lifted its position in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares in the last quarter. Hilltop National Bank boosted its stake in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the period. DiNuzzo Private Wealth Inc. grew its holdings in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares in the last quarter. Finally, LRI Investments LLC purchased a new stake in Progressive during the 1st quarter worth $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Roth Mkm raised their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Tuesday, November 19th. Piper Sandler upped their target price on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. Finally, The Goldman Sachs Group upped their price target on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a report on Wednesday, September 18th. Five equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 2,982 shares of the company’s stock in a transaction on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total transaction of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 9.23 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Susan Patricia Griffith sold 43,370 shares of the stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock valued at $14,975,979 over the last three months. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $266.06 on Monday. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30. The firm’s 50 day moving average is $253.06 and its 200-day moving average is $231.74. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $266.18. The stock has a market capitalization of $155.86 billion, a P/E ratio of 19.34, a P/E/G ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.40 by $0.18. The company had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. Equities research analysts anticipate that The Progressive Co. will post 13.17 EPS for the current fiscal year.

About Progressive

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.