The Progressive Co. (NYSE:PGR) Stake Reduced by Public Employees Retirement System of Ohio

Public Employees Retirement System of Ohio reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 0.6% in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 298,871 shares of the insurance provider’s stock after selling 1,712 shares during the quarter. Public Employees Retirement System of Ohio’s holdings in Progressive were worth $75,842,000 at the end of the most recent quarter.

Other institutional investors have also recently added to or reduced their stakes in the company. Davis Capital Management bought a new position in Progressive during the 3rd quarter worth $25,000. WR Wealth Planners LLC grew its stake in Progressive by 119.6% during the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after buying an additional 67 shares during the last quarter. DiNuzzo Private Wealth Inc. grew its stake in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the last quarter. Kimelman & Baird LLC bought a new position in Progressive during the 2nd quarter worth $36,000. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Progressive during the 3rd quarter worth $49,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Down 2.6 %

Shares of NYSE PGR opened at $254.56 on Monday. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $270.62. The company has a market cap of $149.12 billion, a price-to-earnings ratio of 18.50, a P/E/G ratio of 0.70 and a beta of 0.38. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The business has a fifty day simple moving average of $254.64 and a 200-day simple moving average of $235.51.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Sell-side analysts predict that The Progressive Co. will post 13.2 EPS for the current year.

Analyst Ratings Changes

A number of research analysts recently commented on PGR shares. The Goldman Sachs Group upped their price objective on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a research note on Wednesday, September 18th. Wells Fargo & Company increased their price target on Progressive from $281.00 to $282.00 and gave the stock an “overweight” rating in a research note on Tuesday, September 10th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research note on Monday, August 12th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a research note on Monday, August 12th. Finally, Barclays increased their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Five analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Insider Buying and Selling

In other Progressive news, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction dated Friday, September 20th. The stock was sold at an average price of $255.21, for a total value of $1,964,096.16. Following the transaction, the insider now directly owns 15,189 shares of the company’s stock, valued at $3,876,384.69. This represents a 33.63 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 transaction, the director now directly owns 13,723 shares in the company, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 25,839 shares of company stock valued at $6,718,965. 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.