Railway Pension Investments Ltd Decreases Position in The Progressive Corporation $PGR

Railway Pension Investments Ltd trimmed its holdings in shares of The Progressive Corporation (NYSE:PGR) by 12.8% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 65,400 shares of the insurance provider’s stock after selling 9,600 shares during the quarter. Railway Pension Investments Ltd’s holdings in Progressive were worth $17,453,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also added to or reduced their stakes in the business. Atlantic Union Bankshares Corp acquired a new stake in Progressive in the 2nd quarter worth approximately $33,000. Ransom Advisory Ltd acquired a new position in Progressive during the 1st quarter valued at approximately $35,000. Activest Wealth Management raised its holdings in shares of Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares during the last quarter. Westside Investment Management Inc. lifted its stake in shares of Progressive by 900.0% during the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after buying an additional 117 shares during the period. Finally, Accent Capital Management LLC purchased a new stake in shares of Progressive during the first quarter valued at $39,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 0.2%

Shares of PGR opened at $228.63 on Friday. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The firm has a market cap of $134.07 billion, a P/E ratio of 12.54, a PEG ratio of 1.19 and a beta of 0.29. The stock’s 50 day moving average is $227.31 and its two-hundred day moving average is $246.49. The Progressive Corporation has a 12 month low of $199.90 and a 12 month high of $292.99.

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

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the transaction, the insider owned 43,506 shares in the company, valued at $10,532,802.60. This represents a 4.85% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Patrick K. Callahan sold 6,420 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the completion of the sale, the insider owned 15,192 shares in the company, valued at approximately $3,679,806.24. The trade was a 29.71% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 43,332 shares of company stock worth $10,564,558 over the last three months. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the subject of a number of research analyst reports. Jefferies Financial Group lowered Progressive from a “buy” rating to a “hold” rating and reduced their target price for the stock from $261.00 to $232.00 in a research note on Friday, November 14th. Zacks Research cut Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 10th. HSBC set a $259.00 target price on Progressive and gave the company an “underperform” rating in a research report on Monday, November 17th. Bank of America reduced their price target on shares of Progressive from $351.00 to $346.00 and set a “buy” rating for the company in a research report on Wednesday, November 19th. Finally, Keefe, Bruyette & Woods dropped their price objective on shares of Progressive from $262.00 to $246.00 and set a “market perform” rating on the stock in a report on Wednesday, November 5th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $266.52.

About Progressive

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.