Concentric Capital Strategies LP Has $5.26 Million Stock Position in The Progressive Co. (NYSE:PGR)

Concentric Capital Strategies LP cut its holdings in The Progressive Co. (NYSE:PGR) by 68.0% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 20,723 shares of the insurance provider’s stock after selling 44,085 shares during the period. Concentric Capital Strategies LP’s holdings in Progressive were worth $5,259,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Davis Capital Management bought a new position in shares of Progressive in the 3rd quarter valued at about $25,000. WR Wealth Planners LLC grew its stake in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. Hilltop National Bank increased its position in shares of Progressive by 126.0% during the 2nd 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 last quarter. DiNuzzo Private Wealth Inc. raised its stake in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares in the last quarter. Finally, Kimelman & Baird LLC acquired a new stake in shares of Progressive in the 2nd quarter valued at approximately $36,000. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In related news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on 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 $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Patrick K. Callahan sold 7,696 shares of the business’s stock in a transaction on Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $3,876,384.69. This trade represents a 33.63 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 59,209 shares of company stock valued at $14,975,979 over the last quarter. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Performance

Shares of NYSE:PGR opened at $268.88 on Monday. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $270.62. The company’s 50 day moving average price is $254.08 and its two-hundred day moving average price is $233.65. The firm has a market cap of $157.51 billion, a PE ratio of 19.54, a PEG ratio of 0.74 and a beta of 0.36. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating the consensus estimate of $3.40 by $0.18. The firm had revenue of $19.43 billion during 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 predict that The Progressive Co. will post 13.2 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Jefferies Financial Group boosted their price target on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. The Goldman Sachs Group raised their price objective on Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. JPMorgan Chase & Co. boosted their target price on Progressive from $242.00 to $251.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, Bank of America raised their price target on Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

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.