Progressive Corp (PGR) Shares Sold by Columbus Circle Investors

Columbus Circle Investors cut its stake in shares of Progressive Corp (NYSE:PGR) by 1.6% during the 3rd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 230,105 shares of the insurance provider’s stock after selling 3,653 shares during the quarter. Columbus Circle Investors’ holdings in Progressive were worth $16,347,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. Cim LLC bought a new position in shares of Progressive in the third quarter valued at $307,000. Walter & Keenan Financial Consulting Co. MI ADV bought a new position in shares of Progressive in the third quarter valued at $213,000. NN Investment Partners Holdings N.V. lifted its stake in shares of Progressive by 6.7% in the third quarter. NN Investment Partners Holdings N.V. now owns 77,676 shares of the insurance provider’s stock valued at $5,518,000 after buying an additional 4,900 shares in the last quarter. OLD National Bancorp IN lifted its stake in shares of Progressive by 0.8% in the third quarter. OLD National Bancorp IN now owns 129,193 shares of the insurance provider’s stock valued at $9,178,000 after buying an additional 1,049 shares in the last quarter. Finally, Oppenheimer Asset Management Inc. lifted its stake in shares of Progressive by 7.6% in the third quarter. Oppenheimer Asset Management Inc. now owns 211,690 shares of the insurance provider’s stock valued at $15,039,000 after buying an additional 14,956 shares in the last quarter. 79.85% of the stock is currently owned by institutional investors and hedge funds.

In other news, CEO Susan Patricia Griffith sold 12,600 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.14, for a total value of $808,164.00. Following the completion of the sale, the chief executive officer now owns 265,856 shares in the company, valued at $17,052,003.84. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction dated Thursday, August 16th. The shares were sold at an average price of $64.25, for a total transaction of $771,000.00. Following the completion of the sale, the chief financial officer now owns 390,584 shares of the company’s stock, valued at approximately $25,095,022. The disclosure for this sale can be found here. In the last quarter, insiders sold 124,600 shares of company stock valued at $8,325,164. 0.70% of the stock is currently owned by corporate insiders.

Shares of PGR stock opened at $69.79 on Wednesday. The stock has a market capitalization of $39.67 billion, a PE ratio of 26.54, a PEG ratio of 1.94 and a beta of 0.67. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.38 and a quick ratio of 0.43. Progressive Corp has a one year low of $48.59 and a one year high of $72.72.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 16th. The insurance provider reported $1.57 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $1.14 by $0.43. The company had revenue of $8.60 billion during the quarter, compared to the consensus estimate of $8.43 billion. Progressive had a net margin of 9.42% and a return on equity of 27.25%. The firm’s revenue for the quarter was up 20.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.38 earnings per share. On average, equities research analysts anticipate that Progressive Corp will post 4.8 earnings per share for the current fiscal year.

A number of research analysts have weighed in on the stock. B. Riley raised their price objective on shares of Progressive from $60.00 to $68.00 and gave the company a “neutral” rating in a research note on Tuesday, August 7th. Argus raised shares of Progressive from a “hold” rating to a “buy” rating and set a $68.00 price objective on the stock in a research note on Friday, July 27th. UBS Group raised their price objective on shares of Progressive from $70.00 to $78.00 and gave the company a “buy” rating in a research note on Wednesday, September 19th. Zacks Investment Research lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, September 19th. Finally, Credit Suisse Group assumed coverage on shares of Progressive in a research note on Tuesday, August 7th. They issued an “outperform” rating and a $73.00 price objective on the stock. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $68.64.

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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