Korea Investment CORP Cuts Stock Position in The Progressive Corporation $PGR

Korea Investment CORP trimmed its stake in shares of The Progressive Corporation (NYSE:PGR) by 5.4% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 529,611 shares of the insurance provider’s stock after selling 30,172 shares during the period. Korea Investment CORP owned 0.09% of Progressive worth $141,332,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Rise Advisors LLC raised its holdings in shares of Progressive by 7.4% during the first quarter. Rise Advisors LLC now owns 521 shares of the insurance provider’s stock valued at $147,000 after acquiring an additional 36 shares during the last quarter. LRI Investments LLC increased its position in shares of Progressive by 13.4% during the second quarter. LRI Investments LLC now owns 338 shares of the insurance provider’s stock worth $90,000 after purchasing an additional 40 shares in the last quarter. True North Advisors LLC raised its stake in Progressive by 4.0% in the 1st quarter. True North Advisors LLC now owns 1,055 shares of the insurance provider’s stock valued at $299,000 after purchasing an additional 41 shares during the last quarter. CVA Family Office LLC raised its stake in Progressive by 4.2% in the 2nd quarter. CVA Family Office LLC now owns 1,053 shares of the insurance provider’s stock valued at $281,000 after purchasing an additional 42 shares during the last quarter. Finally, Bell Investment Advisors Inc lifted its holdings in Progressive by 20.8% in the 2nd quarter. Bell Investment Advisors Inc now owns 256 shares of the insurance provider’s stock valued at $68,000 after purchasing an additional 44 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $229.54 on Thursday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 0.31 and a current ratio of 0.32. The firm has a market cap of $134.60 billion, a P/E ratio of 12.59, a P/E/G ratio of 1.19 and a beta of 0.29. The firm’s 50 day moving average price is $227.83 and its 200-day moving average price is $247.23. The Progressive Corporation has a one year low of $199.90 and a one year high of $292.99.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate of $5.04 by ($0.59). Progressive had a net margin of 12.57% and a return on equity of 33.88%. The company had revenue of $21.38 billion during the quarter, compared to analyst estimates of $21.64 billion. During the same quarter last year, the business posted $3.58 EPS. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Transactions at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the transaction, the insider directly owned 43,506 shares in the company, valued at $10,532,802.60. This trade represents a 4.85% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Susan Patricia Griffith sold 30,659 shares of Progressive stock in a transaction that occurred on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the completion of the transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at $117,194,933.16. This trade represents a 6.05% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 43,332 shares of company stock worth $10,564,558 in the last 90 days. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on PGR shares. Morgan Stanley set a $214.00 target price on shares of Progressive and gave the stock an “underweight” rating in a report on Monday, October 20th. Evercore ISI lowered their target price on Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Citigroup cut their price target on Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a report on Thursday, October 16th. Raymond James Financial dropped their target price on Progressive from $305.00 to $265.00 and set an “outperform” rating for the company in a report on Friday, October 17th. Finally, UBS Group lowered their price target on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, Progressive has an average rating of “Hold” and an average target price of $266.52.

Progressive Company 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.