Dai ichi Life Insurance Company Ltd Sells 6,392 Shares of The Progressive Co. (NYSE:PGR)

Dai ichi Life Insurance Company Ltd decreased its position in The Progressive Co. (NYSE:PGR) by 5.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 112,207 shares of the insurance provider’s stock after selling 6,392 shares during the quarter. Dai ichi Life Insurance Company Ltd’s holdings in Progressive were worth $28,474,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Advisors Asset Management Inc. boosted its holdings in shares of Progressive by 88.7% during the first quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock worth $1,577,000 after acquiring an additional 3,585 shares during the period. Lazard Asset Management LLC increased its holdings in shares of Progressive by 138.1% during the first quarter. Lazard Asset Management LLC now owns 10,021 shares of the insurance provider’s stock worth $2,071,000 after buying an additional 5,813 shares in the last quarter. B. Riley Wealth Advisors Inc. increased its holdings in shares of Progressive by 7.2% during the first quarter. B. Riley Wealth Advisors Inc. now owns 7,972 shares of the insurance provider’s stock worth $1,649,000 after buying an additional 537 shares in the last quarter. Tidal Investments LLC increased its holdings in Progressive by 22.2% in the first quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock valued at $6,480,000 after purchasing an additional 5,691 shares during the period. Finally, SkyView Investment Advisors LLC increased its holdings in Progressive by 2.6% in the first quarter. SkyView Investment Advisors LLC now owns 7,096 shares of the insurance provider’s stock valued at $1,468,000 after purchasing an additional 182 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 2,982 shares of the stock in a transaction dated Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the completion of the sale, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. This trade represents a 9.23 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock valued at $14,975,979 over the last three months. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PGR. The Goldman Sachs Group increased their price target on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. HSBC raised 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. BMO Capital Markets lowered their target price on shares of Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Barclays boosted their price target on shares of Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research report on Wednesday, October 23rd. Finally, Keefe, Bruyette & Woods boosted their price target on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research 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 assigned a strong buy rating to the company. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and an average price target of $269.81.

Progressive Price Performance

Shares of NYSE PGR opened at $265.89 on Tuesday. The stock has a market cap of $155.76 billion, a price-to-earnings ratio of 19.32, a PEG ratio of 0.74 and a beta of 0.36. 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’s 50-day moving average price is $253.25 and its 200 day moving average price is $232.11. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $266.89.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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 company had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. As a group, research analysts forecast that The Progressive Co. will post 13.17 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.