Raymond James Financial Services Advisors Inc. reduced its stake in Progressive Corp (NYSE:PGR) by 15.6% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 48,094 shares of the insurance provider’s stock after selling 8,887 shares during the period. Raymond James Financial Services Advisors Inc.’s holdings in Progressive were worth $2,329,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds also recently bought and sold shares of PGR. Mckinley Capital Management LLC Delaware acquired a new stake in shares of Progressive in the 2nd quarter valued at approximately $101,000. IFP Advisors Inc boosted its stake in shares of Progressive by 12.9% in the 2nd quarter. IFP Advisors Inc now owns 2,984 shares of the insurance provider’s stock valued at $132,000 after purchasing an additional 341 shares in the last quarter. Fiduciary Trust Co. acquired a new stake in shares of Progressive in the 2nd quarter valued at approximately $143,000. Cornerstone Advisors Inc. boosted its stake in shares of Progressive by 4.1% in the 2nd quarter. Cornerstone Advisors Inc. now owns 3,404 shares of the insurance provider’s stock valued at $150,000 after purchasing an additional 133 shares in the last quarter. Finally, YorkBridge Wealth Partners LLC boosted its stake in shares of Progressive by 12.9% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 3,727 shares of the insurance provider’s stock valued at $165,000 after purchasing an additional 427 shares in the last quarter. Institutional investors own 79.06% of the company’s stock.

PGR has been the topic of a number of research analyst reports. B. Riley restated a “hold” rating and issued a $46.00 price target on shares of Progressive in a research note on Wednesday, November 15th. Morgan Stanley raised their price target on shares of Progressive from $49.00 to $51.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 18th. Barclays PLC raised their price target on shares of Progressive from $41.00 to $43.00 and gave the company an “underweight” rating in a research note on Monday, October 16th. Zacks Investment Research upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $53.00 price target on the stock in a research note on Wednesday, August 2nd. Finally, Credit Suisse Group lifted their target price on shares of Progressive from $38.00 to $42.00 and gave the stock an “underperform” rating in a research report on Monday, September 18th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Progressive currently has a consensus rating of “Hold” and an average target price of $47.76.

In other news, CMO M Jeffrey Charney sold 6,000 shares of the business’s stock in a transaction that occurred on Thursday, November 2nd. The shares were sold at an average price of $49.50, for a total value of $297,000.00. Following the transaction, the chief marketing officer now owns 102,038 shares in the company, valued at approximately $5,050,881. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jeffrey W. Basch sold 9,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 18th. The stock was sold at an average price of $48.23, for a total transaction of $434,070.00. Following the completion of the transaction, the insider now owns 70,965 shares in the company, valued at approximately $3,422,641.95. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 21,000 shares of company stock worth $1,024,470. 0.56% of the stock is owned by corporate insiders.

Progressive Corp (NYSE:PGR) traded up $0.17 during trading hours on Friday, reaching $51.85. 1,730,000 shares of the company traded hands, compared to its average volume of 2,505,903. The company has a current ratio of 0.50, a quick ratio of 0.50 and a debt-to-equity ratio of 0.36. Progressive Corp has a twelve month low of $33.19 and a twelve month high of $52.26. The firm has a market cap of $30,155.96, a P/E ratio of 22.64, a PEG ratio of 2.96 and a beta of 0.92.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, topping the consensus estimate of $0.34 by $0.07. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The business had revenue of $7.14 billion for the quarter, compared to the consensus estimate of $7.04 billion. During the same period last year, the company earned $0.34 EPS. The firm’s revenue was up 18.1% compared to the same quarter last year. equities analysts predict that Progressive Corp will post 2.39 earnings per share for the current fiscal year.

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Progressive Profile

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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