Harvest Fund Management Co. Ltd Sells 342 Shares of The Progressive Co. (NYSE:PGR)

Harvest Fund Management Co. Ltd lowered its holdings in shares of The Progressive Co. (NYSE:PGR) by 2.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 13,425 shares of the insurance provider’s stock after selling 342 shares during the period. Harvest Fund Management Co. Ltd’s holdings in Progressive were worth $3,406,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. Davis Capital Management purchased a new stake in shares of Progressive in the 3rd quarter worth approximately $25,000. WR Wealth Planners LLC raised its stake in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. boosted its holdings in 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 acquiring an additional 73 shares in the last quarter. Hilltop National Bank grew 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 worth $34,000 after acquiring an additional 92 shares during the last quarter. Finally, LRI Investments LLC bought a new position in shares of Progressive during the first quarter valued at $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction on Friday, September 20th. The shares were sold at an average price of $255.21, for a total transaction of $1,964,096.16. Following the sale, the insider now directly owns 15,189 shares in the company, valued at $3,876,384.69. This trade represents a 33.63 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,209 shares of company stock valued at $14,975,979. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently commented on PGR. Wells Fargo & Company increased their price objective on shares of Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Bank of America increased their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a report on Monday, November 18th. Jefferies Financial Group boosted their price objective on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a report on Wednesday, October 9th. TD Cowen upped their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. Finally, Keefe, Bruyette & Woods lifted their target price on Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. 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’s stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $269.81.

Progressive Stock Performance

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

Progressive (NYSE:PGR) last issued its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. The business had revenue of $19.43 billion for 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%. On average, equities research analysts predict that The Progressive Co. will post 13.17 EPS for the current year.

Progressive Company 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.