KPP Advisory Services LLC Reduces Holdings in The Progressive Co. (NYSE:PGR)

KPP Advisory Services LLC reduced its stake in The Progressive Co. (NYSE:PGR) by 2.8% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,301 shares of the insurance provider’s stock after selling 67 shares during the quarter. KPP Advisory Services LLC’s holdings in Progressive were worth $584,000 as of its most recent SEC filing.

A number of other institutional investors also recently bought and sold shares of PGR. Diversified Trust Co increased its position in shares of Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after acquiring an additional 11,770 shares during the period. Sycomore Asset Management increased its holdings in Progressive by 9.5% in the 2nd quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after buying an additional 2,450 shares during the period. Sumitomo Life Insurance Co. purchased a new position in Progressive during the 2nd quarter worth approximately $981,000. Tidal Investments LLC boosted its holdings in shares of Progressive by 22.2% in the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock valued at $6,480,000 after acquiring an additional 5,691 shares during the last quarter. Finally, Advisors Asset Management Inc. increased its stake in shares of Progressive by 88.7% in the first quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock worth $1,577,000 after acquiring an additional 3,585 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms recently commented on PGR. Evercore ISI raised their target price on Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a report on Wednesday, November 6th. TD Cowen raised their price objective on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a report on Friday, November 8th. Hsbc Global Res upgraded Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. BMO Capital Markets lowered their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, Bank of America lifted their price target on Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a report on Wednesday, October 16th. Seven equities research analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Progressive has a consensus rating of “Moderate Buy” and an average target price of $269.56.

Insider Transactions at Progressive

In other news, Director Dyke Kahina Van sold 2,180 shares of the business’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 sale, the director now directly owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. The trade was a 13.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 65,331 shares of company stock valued at $16,415,812. Insiders own 0.34% of the company’s stock.

Progressive Stock Down 0.7 %

PGR stock traded down $1.72 during midday trading on Friday, hitting $255.78. The company’s stock had a trading volume of 3,259,995 shares, compared to its average volume of 2,463,986. The firm has a market capitalization of $149.84 billion, a P/E ratio of 18.59, a PEG ratio of 0.73 and a beta of 0.36. 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 Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85. The firm has a 50-day simple moving average of $252.22 and a 200-day simple moving average of $229.82.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. The company 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 analysts forecast that The Progressive Co. will post 13.11 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.