Chevy Chase Trust Holdings LLC Lowers Stake in The Progressive Co. (NYSE:PGR)

Chevy Chase Trust Holdings LLC decreased its holdings in The Progressive Co. (NYSE:PGR) by 1.8% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 314,188 shares of the insurance provider’s stock after selling 5,796 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of Progressive worth $79,728,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the business. Davis Capital Management purchased a new position in shares of Progressive during the 3rd quarter valued at approximately $25,000. WR Wealth Planners LLC lifted its holdings in Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. Hilltop National Bank grew its position in shares of Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after purchasing an additional 92 shares during the period. DiNuzzo Private Wealth Inc. raised its position in shares of 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 purchasing an additional 73 shares during the last quarter. Finally, Kimelman & Baird LLC purchased a new position in Progressive in the 2nd quarter valued at about $36,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have commented on PGR shares. Bank of America boosted their price objective on Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research note on Monday, November 18th. Wells Fargo & Company increased their price objective on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research note on Tuesday, September 10th. Roth Mkm lifted their target price on shares of Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a report on Tuesday, November 19th. Finally, Barclays raised their price target on shares of Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research note on Wednesday, October 23rd. Five research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $269.81.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 2,982 shares of the business’s stock in a transaction that occurred on Monday, September 23rd. The stock was sold at an average price of $260.00, for a total value of $775,320.00. Following the sale, the insider now owns 29,334 shares of the company’s stock, valued at $7,626,840. The trade was a 9.23 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Patrick K. Callahan sold 7,696 shares of the firm’s stock in a transaction on 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 owns 15,189 shares of the company’s stock, valued at approximately $3,876,384.69. This represents a 33.63 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock valued at $14,975,979 over the last 90 days. 0.34% of the stock is owned by insiders.

Progressive Trading Up 0.8 %

PGR opened at $268.88 on Monday. The stock has a market capitalization of $157.51 billion, a PE ratio of 19.54, a P/E/G ratio of 0.74 and a beta of 0.36. The Progressive Co. has a one year low of $149.14 and a one year high of $270.62. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The business’s 50 day moving average price is $254.08 and its 200 day moving average price is $233.65.

Progressive (NYSE:PGR) last announced its quarterly 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. The business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, equities research analysts expect that The Progressive Co. will post 13.2 EPS for the current year.

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.