The Progressive Co. (NYSE:PGR) Shares Sold by Kolinsky Wealth Management LLC

Kolinsky Wealth Management LLC decreased its stake in shares of The Progressive Co. (NYSE:PGR) by 5.5% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,206 shares of the insurance provider’s stock after selling 129 shares during the quarter. Kolinsky Wealth Management LLC’s holdings in Progressive were worth $560,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in PGR. Diversified Trust Co increased its position in shares of Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after acquiring an additional 11,770 shares during the period. Sycomore Asset Management increased its holdings in shares of Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock valued at $5,856,000 after purchasing an additional 2,450 shares during the period. Sumitomo Life Insurance Co. acquired a new position in shares of Progressive in the second quarter valued at about $981,000. Cumberland Partners Ltd raised its stake in shares of Progressive by 116.7% in the third quarter. Cumberland Partners Ltd now owns 6,500 shares of the insurance provider’s stock worth $1,649,000 after purchasing an additional 3,500 shares during the last quarter. Finally, Jennison Associates LLC lifted its holdings in shares of Progressive by 21.6% during the third quarter. Jennison Associates LLC now owns 4,749,628 shares of the insurance provider’s stock worth $1,205,266,000 after purchasing an additional 842,109 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a report on Monday, August 12th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Morgan Stanley upped their price target on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. Wells Fargo & Company lifted their price objective on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Finally, Piper Sandler upped their target price on Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a research note on Thursday, August 15th. Five equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

Insiders Place Their Bets

In other news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated 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 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 59,209 shares of company stock worth $14,975,979. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $268.93 on Friday. The stock has a market capitalization of $157.54 billion, a P/E ratio of 19.54, a P/E/G ratio of 0.74 and a beta of 0.36. The company’s fifty day moving average price is $254.08 and its 200 day moving average price is $233.34. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $270.62.

Progressive (NYSE:PGR) last announced its 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. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. As a group, equities research analysts anticipate that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

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.