Patten & Patten Inc. TN reduced its stake in The Progressive Co. (NYSE:PGR - Free Report) by 1.7% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 152,106 shares of the insurance provider's stock after selling 2,641 shares during the period. Progressive makes up approximately 2.6% of Patten & Patten Inc. TN's holdings, making the stock its 4th largest holding. Patten & Patten Inc. TN's holdings in Progressive were worth $38,598,000 as of its most recent SEC filing.
A number of other large investors have also recently bought and sold shares of PGR. Canada Pension Plan Investment Board grew its holdings in Progressive by 548.2% during the 1st quarter. Canada Pension Plan Investment Board now owns 811,653 shares of the insurance provider's stock worth $167,866,000 after acquiring an additional 686,433 shares during the period. Capital International Investors increased its stake in Progressive by 15.7% in the first quarter. Capital International Investors now owns 4,925,019 shares of the insurance provider's stock valued at $1,018,592,000 after purchasing an additional 670,006 shares in the last quarter. International Assets Investment Management LLC raised its holdings in Progressive by 29,701.6% in the third quarter. International Assets Investment Management LLC now owns 596,331 shares of the insurance provider's stock worth $151,325,000 after purchasing an additional 594,330 shares during the period. SG Americas Securities LLC raised its holdings in Progressive by 206.8% in the third quarter. SG Americas Securities LLC now owns 875,660 shares of the insurance provider's stock worth $222,207,000 after purchasing an additional 590,235 shares during the period. Finally, Swedbank AB bought a new position in shares of Progressive during the first quarter worth $116,852,000. 85.34% of the stock is currently owned by institutional investors.
PGR has been the subject of several recent analyst reports. Citigroup lowered their price target on Progressive from $232.00 to $225.00 and set a "neutral" rating for the company in a report on Wednesday, July 17th. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an "outperform" rating in a report on Wednesday, October 16th. StockNews.com lowered shares of Progressive from a "buy" rating to a "hold" rating in a research note on Friday, November 1st. BMO Capital Markets lowered their price objective on shares of Progressive from $239.00 to $237.00 and set an "outperform" rating for the company in a research report on Wednesday, August 7th. Finally, Hsbc Global Res raised Progressive from a "hold" rating to a "strong-buy" rating in a research note on Monday, August 12th. Seven research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $269.56.
View Our Latest Stock Report on PGR
Shares of PGR stock opened at $261.52 on Monday. The company has a current ratio of 0.30, a quick ratio of 0.31 and a debt-to-equity ratio of 0.25. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.39. The stock has a market cap of $153.20 billion, a P/E ratio of 19.01, a price-to-earnings-growth ratio of 0.72 and a beta of 0.36. The stock has a 50 day simple moving average of $251.41 and a 200 day simple moving average of $228.22.
Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts' consensus estimates of $3.40 by $0.18. The firm had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, research analysts predict that The Progressive Co. will post 13.15 earnings per share for the current fiscal year.
In other Progressive news, insider Steven Broz sold 2,982 shares of the firm's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total value of $775,320.00. Following the transaction, the insider now directly owns 29,334 shares of the company's stock, valued at approximately $7,626,840. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the company's stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares of the company's stock, valued at approximately $119,475,967. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 2,982 shares of the business's stock in a transaction on Monday, September 23rd. The shares were sold at an average price of $260.00, for a total transaction of $775,320.00. Following the transaction, the insider now owns 29,334 shares of the company's stock, valued at $7,626,840. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 74,843 shares of company stock worth $18,674,912 in the last quarter. Company insiders own 0.34% of the company's stock.
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.
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