The Progressive Corporation $PGR Shares Sold by Avalon Trust Co

Avalon Trust Co reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 4.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 109,135 shares of the insurance provider’s stock after selling 5,280 shares during the quarter. Progressive accounts for approximately 2.1% of Avalon Trust Co’s portfolio, making the stock its 11th largest holding. Avalon Trust Co’s holdings in Progressive were worth $29,124,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Atlantic Union Bankshares Corp purchased a new position in Progressive in the 2nd quarter valued at approximately $33,000. Westside Investment Management Inc. grew its holdings in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 117 shares during the last quarter. Ransom Advisory Ltd purchased a new position in shares of Progressive in the first quarter valued at $35,000. Activest Wealth Management raised its stake in shares of Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares during the last quarter. Finally, Richardson Financial Services Inc. boosted its position in shares of Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after buying an additional 132 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PGR. BMO Capital Markets reissued a “market perform” rating on shares of Progressive in a research note on Monday, November 3rd. Wolfe Research assumed coverage on shares of Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. Morgan Stanley set a $214.00 price objective on shares of Progressive and gave the stock an “underweight” rating in a research note on Monday, October 20th. Cantor Fitzgerald upgraded Progressive to a “hold” rating in a research report on Wednesday, August 13th. Finally, Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a research note on Sunday, September 21st. Eight analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $269.90.

Progressive Trading Up 0.9%

Shares of Progressive stock opened at $221.81 on Thursday. The Progressive Corporation has a fifty-two week low of $199.90 and a fifty-two week high of $292.99. The business’s fifty day moving average is $231.91 and its two-hundred day moving average is $251.09. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19. The firm has a market cap of $130.07 billion, a PE ratio of 12.17, a P/E/G ratio of 1.19 and a beta of 0.29.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The business had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same quarter in the previous year, the company posted $3.58 earnings per share. Analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,345 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $220.00, for a total transaction of $295,900.00. Following the completion of the transaction, the insider owned 29,043 shares of the company’s stock, valued at approximately $6,389,460. This represents a 4.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the transaction, the chief executive officer owned 476,286 shares in the company, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 51,782 shares of company stock worth $12,708,788. 0.33% of the stock is owned by insiders.

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.