Commonwealth of Pennsylvania Public School Empls Retrmt SYS Sells 13,114 Shares of Progressive Corp (PGR)

Commonwealth of Pennsylvania Public School Empls Retrmt SYS trimmed its position in shares of Progressive Corp (NYSE:PGR) by 21.5% in the 3rd quarter, HoldingsChannel reports. The firm owned 47,850 shares of the insurance provider’s stock after selling 13,114 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS’s holdings in Progressive were worth $3,399,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors have also recently bought and sold shares of the company. Capital Advisors Ltd. LLC increased its holdings in Progressive by 409.1% in the 3rd quarter. Capital Advisors Ltd. LLC now owns 1,400 shares of the insurance provider’s stock worth $105,000 after acquiring an additional 1,125 shares in the last quarter. ELM Advisors LLC purchased a new stake in Progressive in the 3rd quarter worth $107,000. Harvest Fund Management Co. Ltd purchased a new stake in Progressive in the 3rd quarter worth $112,000. HighPoint Advisor Group LLC purchased a new stake in Progressive in the 3rd quarter worth $208,000. Finally, Ferguson Wellman Capital Management Inc. purchased a new stake in Progressive in the 3rd quarter worth $213,000. 80.49% of the stock is owned by hedge funds and other institutional investors.

Shares of PGR opened at $65.01 on Tuesday. Progressive Corp has a 52-week low of $50.79 and a 52-week high of $73.69. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.42 and a current ratio of 0.42. The firm has a market cap of $38.64 billion, a price-to-earnings ratio of 24.72, a price-to-earnings-growth ratio of 1.91 and a beta of 0.71.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.14 by $0.43. Progressive had a net margin of 9.42% and a return on equity of 27.45%. The company had revenue of $8.60 billion for the quarter, compared to analysts’ expectations of $8.43 billion. During the same quarter in the previous year, the company posted $0.38 EPS. The firm’s quarterly revenue was up 20.5% on a year-over-year basis. As a group, analysts forecast that Progressive Corp will post 4.74 earnings per share for the current fiscal year.

PGR has been the subject of several recent analyst reports. Morgan Stanley raised shares of Progressive from an “equal weight” rating to an “overweight” rating and set a $84.00 price target for the company in a report on Wednesday, November 7th. Citigroup boosted their price target on shares of Progressive from $63.00 to $65.00 and gave the stock a “neutral” rating in a report on Thursday, August 16th. Credit Suisse Group set a $79.00 price target on shares of Progressive and gave the stock a “buy” rating in a report on Monday, October 15th. Barclays boosted their price target on shares of Progressive from $59.00 to $67.00 and gave the stock an “underweight” rating in a report on Monday, November 12th. Finally, Wells Fargo & Co set a $69.00 price target on shares of Progressive and gave the stock a “hold” rating in a report on Wednesday, November 14th. One analyst has rated the stock with a sell rating, eight have issued a hold rating, six have assigned a buy rating and one has issued a strong buy rating to the company. Progressive has a consensus rating of “Hold” and a consensus target price of $70.00.

In other news, insider Susan Patricia Griffith sold 12,600 shares of the business’s stock in a transaction dated Thursday, November 15th. The shares were sold at an average price of $64.87, for a total transaction of $817,362.00. Following the transaction, the insider now owns 253,256 shares of the company’s stock, valued at approximately $16,428,716.72. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, insider John A. Barbagallo sold 50,000 shares of the business’s stock in a transaction dated Friday, October 26th. The shares were sold at an average price of $68.02, for a total transaction of $3,401,000.00. Following the transaction, the insider now directly owns 177,368 shares in the company, valued at approximately $12,064,571.36. The disclosure for this sale can be found here. Insiders own 0.70% of the company’s stock.

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About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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