The Progressive Corporation $PGR Shares Sold by Advisors Capital Management LLC

Advisors Capital Management LLC lessened its position in shares of The Progressive Corporation (NYSE:PGR) by 5.4% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 4,951 shares of the insurance provider’s stock after selling 284 shares during the quarter. Advisors Capital Management LLC’s holdings in Progressive were worth $1,321,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of PGR. Rise Advisors LLC grew its holdings in Progressive by 7.4% in the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after purchasing an additional 36 shares during the period. Pinnacle Wealth Management Advisory Group LLC increased its holdings in Progressive by 2.1% in the 1st quarter. Pinnacle Wealth Management Advisory Group LLC now owns 1,927 shares of the insurance provider’s stock worth $545,000 after acquiring an additional 39 shares in the last quarter. LRI Investments LLC raised its position in Progressive by 13.4% during the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock worth $90,000 after acquiring an additional 40 shares during the period. True North Advisors LLC lifted its holdings in Progressive by 4.0% during the first quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock valued at $299,000 after purchasing an additional 41 shares in the last quarter. Finally, Prosperity Consulting Group LLC grew its position in shares of Progressive by 1.1% in the first quarter. Prosperity Consulting Group LLC now owns 3,824 shares of the insurance provider’s stock valued at $1,082,000 after purchasing an additional 42 shares during the period. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of Progressive stock opened at $225.23 on Friday. The firm’s fifty day simple moving average is $231.02 and its 200-day simple moving average is $250.41. The Progressive Corporation has a 12 month low of $199.90 and a 12 month high of $292.99. The stock has a market capitalization of $132.08 billion, a price-to-earnings ratio of 12.36, a PEG ratio of 1.19 and a beta of 0.29. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

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

Wall Street Analyst Weigh In

Several research firms recently weighed in on PGR. Barclays reduced their price target on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research report on Monday, October 20th. Weiss Ratings reissued a “buy (b-)” rating on shares of Progressive in a report on Friday, October 31st. Keefe, Bruyette & Woods decreased their target price on Progressive from $262.00 to $246.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 5th. Morgan Stanley set a $214.00 price target on Progressive and gave the stock an “underweight” rating in a research report on Monday, October 20th. Finally, Wolfe Research started coverage on Progressive in a report on Monday, September 15th. They issued a “peer perform” rating on the stock. Seven investment analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, Progressive currently has a consensus rating of “Hold” and a consensus price target of $266.46.

Insider Buying and Selling

In other news, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares of the company’s stock, valued at $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Steven Broz sold 1,345 shares of the stock in a transaction dated Tuesday, November 11th. The stock was sold at an average price of $220.00, for a total transaction of $295,900.00. Following the transaction, the insider directly owned 29,043 shares of the company’s stock, valued at $6,389,460. This represents a 4.43% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 51,782 shares of company stock worth $12,708,788 over the last three months. 0.34% of the stock is owned by company 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.