Citizens Financial Group Inc. RI Purchases 1,421 Shares of The Progressive Co. (NYSE:PGR)

Citizens Financial Group Inc. RI grew its position in The Progressive Co. (NYSE:PGR) by 11.0% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 14,381 shares of the insurance provider’s stock after buying an additional 1,421 shares during the period. Citizens Financial Group Inc. RI’s holdings in Progressive were worth $3,649,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. Raleigh Capital Management Inc. boosted its position in shares of Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after acquiring an additional 41 shares during the last quarter. Castleview Partners LLC raised its stake in Progressive by 2.7% during the third quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after purchasing an additional 45 shares in the last quarter. Washington Trust Bank lifted its position in Progressive by 4.6% during the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after purchasing an additional 45 shares during the last quarter. Sunbelt Securities Inc. grew its stake in shares of Progressive by 21.3% in the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after buying an additional 46 shares in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. increased its holdings in shares of Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after buying an additional 48 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

PGR has been the subject of a number of analyst reports. Evercore ISI increased their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. BMO Capital Markets dropped their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Roth Mkm increased their price target on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a report on Monday, September 16th. Keefe, Bruyette & Woods lifted their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 16th. Finally, The Goldman Sachs Group boosted their price objective on shares of Progressive from $262.00 to $280.00 and gave the company a “buy” rating in a research report on Wednesday, September 18th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $269.81.

Progressive Stock Performance

Shares of NYSE:PGR opened at $262.90 on Friday. The firm’s 50 day simple moving average is $252.85 and its 200-day simple moving average is $231.17. 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 Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The firm has a market cap of $154.01 billion, a PE ratio of 19.11, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The company had revenue of $19.43 billion for the quarter, compared to the consensus estimate of $18.95 billion. As a group, equities analysts predict that The Progressive Co. will post 13.09 EPS for the current year.

Insider Activity

In other news, insider Patrick K. Callahan sold 7,696 shares of Progressive 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 directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now owns 473,735 shares of the company’s stock, valued at $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. Over the last 90 days, insiders have sold 59,209 shares of company stock worth $14,975,979. Company insiders own 0.34% of the company’s stock.

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.