Philadelphia Financial Management of San Francisco LLC Trims Stock Position in The Progressive Co. (NYSE:PGR)

Philadelphia Financial Management of San Francisco LLC trimmed its stake in The Progressive Co. (NYSE:PGR) by 31.5% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 42,522 shares of the insurance provider’s stock after selling 19,527 shares during the period. Progressive accounts for about 1.7% of Philadelphia Financial Management of San Francisco LLC’s investment portfolio, making the stock its 19th biggest holding. Philadelphia Financial Management of San Francisco LLC’s holdings in Progressive were worth $10,790,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also recently modified their holdings of the stock. Davis Capital Management purchased a new stake in Progressive in the third quarter worth about $25,000. WR Wealth Planners LLC lifted its stake in shares of Progressive by 119.6% in the 2nd 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 during the period. DiNuzzo Private Wealth Inc. lifted its stake in shares of Progressive by 114.1% in 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 during the period. Kimelman & Baird LLC purchased a new stake in Progressive in the second quarter worth $36,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Progressive in the third quarter worth $49,000. Institutional investors own 85.34% of the company’s stock.

Progressive Trading Down 0.5 %

Progressive stock opened at $262.61 on Wednesday. The business has a 50-day simple moving average of $254.33 and a two-hundred day simple moving average of $234.43. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $270.62. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market cap of $153.84 billion, a P/E ratio of 19.09, a P/E/G ratio of 0.73 and a beta of 0.38.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. Analysts predict that The Progressive Co. will post 13.2 EPS for the current year.

Insider Buying and Selling

In other Progressive 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 transaction of $748,678.15. Following the transaction, the insider now owns 26,353 shares of the company’s stock, valued at $6,618,555.95. The trade was a 10.16 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction on Friday, November 29th. The shares were sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the sale, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. The trade was a 3.30 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 25,839 shares of company stock valued at $6,718,965. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on PGR shares. Morgan Stanley boosted their target price on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a report on Friday, October 18th. TD Cowen upped their price objective on shares of Progressive from $197.00 to $237.00 and gave the stock a “hold” rating in a report on Friday, November 8th. Roth Mkm raised their target price on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research note on Monday, September 16th. Keefe, Bruyette & Woods boosted their price target on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Finally, The Goldman Sachs Group increased their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Five 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 stock. Based on data from MarketBeat.com, Progressive has an average rating of “Moderate Buy” and a consensus price target of $269.81.

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.