The Progressive Co. (NYSE:PGR) Stock Holdings Lowered by KBC Group NV

KBC Group NV trimmed its holdings in shares of The Progressive Co. (NYSE:PGR) by 10.3% in the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 401,179 shares of the insurance provider’s stock after selling 46,177 shares during the period. KBC Group NV’s holdings in Progressive were worth $101,803,000 as of its most recent SEC filing.

Several other hedge funds have also recently added to or reduced their stakes in the business. Davis Capital Management bought a new stake in shares of Progressive during the 3rd quarter worth $25,000. WR Wealth Planners LLC raised its holdings in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the period. Hilltop National Bank lifted its stake in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. boosted its holdings in shares of Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the period. Finally, LRI Investments LLC purchased a new position in shares of Progressive in the first quarter worth approximately $36,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Trading Down 0.4 %

Progressive stock opened at $261.37 on Thursday. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The company’s fifty day moving average price is $251.77 and its two-hundred day moving average price is $229.06. 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 company has a market capitalization of $153.11 billion, a price-to-earnings ratio of 18.99, a PEG ratio of 0.73 and a beta of 0.36.

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, topping analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. On average, analysts forecast that The Progressive Co. will post 13.15 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on PGR shares. BMO Capital Markets reduced their price target on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. TD Cowen lifted their price target on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Wells Fargo & Company increased their price objective on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research note on Monday, August 12th. Finally, Piper Sandler raised their price target on shares of Progressive from $250.00 to $252.00 and gave the stock an “overweight” rating in a report on Thursday, August 15th. Seven equities research analysts have rated the stock with a hold rating, twelve have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $269.56.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the transaction, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, 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 value 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 2,982 shares of the stock in a transaction dated Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares of the company’s stock, valued at approximately $7,626,840. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 65,331 shares of company stock worth $16,415,812. 0.34% of the stock is owned by insiders.

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.