The Progressive Corporation $PGR Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 1.6% during the third quarter, HoldingsChannel.com reports. The institutional investor owned 317,663 shares of the insurance provider’s stock after selling 5,270 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Progressive were worth $78,447,000 at the end of the most recent quarter.

Several other large investors also recently added to or reduced their stakes in the stock. Aberdeen Group plc increased its stake in shares of Progressive by 1.3% in the 3rd quarter. Aberdeen Group plc now owns 477,997 shares of the insurance provider’s stock worth $117,322,000 after acquiring an additional 6,273 shares during the last quarter. Berkshire Asset Management LLC PA grew its holdings in shares of Progressive by 2.8% in the third quarter. Berkshire Asset Management LLC PA now owns 6,282 shares of the insurance provider’s stock valued at $1,551,000 after purchasing an additional 174 shares during the period. TCTC Holdings LLC increased its position in Progressive by 1.9% during the third quarter. TCTC Holdings LLC now owns 8,416 shares of the insurance provider’s stock worth $2,078,000 after purchasing an additional 157 shares during the last quarter. Naviter Wealth LLC raised its stake in Progressive by 6.1% during the third quarter. Naviter Wealth LLC now owns 6,166 shares of the insurance provider’s stock worth $1,523,000 after purchasing an additional 356 shares during the period. Finally, Cookson Peirce & Co. Inc. boosted its holdings in Progressive by 35.6% in the 3rd quarter. Cookson Peirce & Co. Inc. now owns 2,592 shares of the insurance provider’s stock valued at $640,000 after purchasing an additional 681 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Down 0.5%

Shares of NYSE PGR opened at $204.43 on Monday. The company has a current ratio of 0.38, a quick ratio of 0.29 and a debt-to-equity ratio of 0.23. The stock has a market capitalization of $119.88 billion, a PE ratio of 10.63, a PEG ratio of 7.16 and a beta of 0.33. The Progressive Corporation has a twelve month low of $197.92 and a twelve month high of $292.99. The stock has a fifty day simple moving average of $214.98 and a 200-day simple moving average of $227.81.

Progressive Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, January 8th. Investors of record on Friday, January 2nd were paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.2%. The ex-dividend date of this dividend was Friday, January 2nd. Progressive’s payout ratio is presently 2.08%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on PGR. Barclays upgraded shares of Progressive from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $257.00 to $265.00 in a report on Thursday, January 8th. HSBC lowered Progressive from a “strong-buy” rating to a “hold” rating in a research report on Friday, January 16th. JPMorgan Chase & Co. reduced their target price on Progressive from $303.00 to $275.00 and set an “overweight” rating on the stock in a research report on Wednesday, January 7th. William Blair lowered Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Finally, Zacks Research cut Progressive from a “hold” rating to a “strong sell” rating in a report on Monday, January 26th. Seven investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat, Progressive presently has a consensus rating of “Hold” and an average price target of $250.35.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 5,000 shares of the business’s stock in a transaction that occurred on Friday, November 28th. The shares were sold at an average price of $228.48, for a total transaction of $1,142,400.00. Following the completion of the transaction, the chief financial officer owned 223,024 shares in the company, valued at $50,956,523.52. The trade was a 2.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Steven Broz sold 1,344 shares of the firm’s stock in a transaction on Friday, December 19th. The shares were sold at an average price of $224.80, for a total transaction of $302,131.20. Following the completion of the sale, the insider owned 26,354 shares in the company, valued at $5,924,379.20. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 12,443 shares of company stock worth $2,723,061 in the last quarter. Company insiders own 0.33% of the company’s stock.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.