The Progressive Corporation $PGR Shares Sold by Hartford Funds Management Co LLC

Hartford Funds Management Co LLC decreased its holdings in The Progressive Corporation (NYSE:PGR) by 88.8% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 365 shares of the insurance provider’s stock after selling 2,900 shares during the quarter. Hartford Funds Management Co LLC’s holdings in Progressive were worth $97,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Progressive by 1.2% during the first quarter. Vanguard Group Inc. now owns 54,022,956 shares of the insurance provider’s stock valued at $15,289,037,000 after purchasing an additional 622,590 shares during the last quarter. GQG Partners LLC boosted its position in Progressive by 61.4% during the 1st quarter. GQG Partners LLC now owns 8,346,133 shares of the insurance provider’s stock valued at $2,362,039,000 after purchasing an additional 3,174,632 shares during the period. Alliancebernstein L.P. grew its stake in Progressive by 15.2% during the 1st quarter. Alliancebernstein L.P. now owns 8,263,157 shares of the insurance provider’s stock worth $2,338,556,000 after buying an additional 1,091,828 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in Progressive by 6.6% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 6,380,134 shares of the insurance provider’s stock worth $1,805,642,000 after buying an additional 396,567 shares during the period. Finally, Nuveen LLC bought a new stake in Progressive in the first quarter valued at $1,473,180,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PGR has been the subject of several recent research reports. Wells Fargo & Company lowered their price target on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating for the company in a research report on Thursday, October 16th. Keefe, Bruyette & Woods reduced their target price on shares of Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a research note on Wednesday, November 5th. Evercore ISI dropped their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a research note on Wednesday, October 1st. JPMorgan Chase & Co. increased their price target on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. Finally, Cantor Fitzgerald raised Progressive to a “hold” rating in a report on Wednesday, August 13th. Eight investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $269.90.

Progressive Price Performance

NYSE PGR opened at $217.16 on Monday. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The stock’s 50-day moving average price is $233.53 and its two-hundred day moving average price is $251.96. The company has a market cap of $127.34 billion, a PE ratio of 11.91, a PEG ratio of 1.19 and a beta of 0.29. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the prior year, the firm earned $3.58 EPS. On average, analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction on 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 transaction, the insider directly owned 15,192 shares of the company’s stock, valued at approximately $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of the stock in a transaction on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 58,500 shares of company stock valued at $14,430,089 in the last 90 days. Corporate insiders own 0.34% of the company’s stock.

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.