The Progressive Corporation $PGR Shares Sold by PNC Financial Services Group Inc.

PNC Financial Services Group Inc. decreased its position in shares of The Progressive Corporation (NYSE:PGR) by 1.6% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 317,663 shares of the insurance provider’s stock after selling 5,270 shares during the quarter. PNC Financial Services Group Inc. owned 0.05% of Progressive worth $78,447,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the company. Aberdeen Group plc raised its position in Progressive by 1.3% during the 3rd quarter. Aberdeen Group plc now owns 477,997 shares of the insurance provider’s stock worth $117,322,000 after buying an additional 6,273 shares during the last quarter. Berkshire Asset Management LLC PA raised its holdings in shares of Progressive by 2.8% during the third quarter. Berkshire Asset Management LLC PA now owns 6,282 shares of the insurance provider’s stock worth $1,551,000 after purchasing an additional 174 shares during the last quarter. TCTC Holdings LLC lifted its position in Progressive by 1.9% during the third quarter. TCTC Holdings LLC now owns 8,416 shares of the insurance provider’s stock valued at $2,078,000 after purchasing an additional 157 shares during the period. Naviter Wealth LLC boosted its holdings in Progressive by 6.1% in the third quarter. Naviter Wealth LLC now owns 6,166 shares of the insurance provider’s stock valued at $1,523,000 after purchasing an additional 356 shares during the last quarter. Finally, Cookson Peirce & Co. Inc. boosted its holdings in Progressive by 35.6% in the third quarter. Cookson Peirce & Co. Inc. now owns 2,592 shares of the insurance provider’s stock valued at $640,000 after purchasing an additional 681 shares during the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of a number of recent research reports. HSBC lowered Progressive from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 16th. Jefferies Financial Group set a $216.00 price target on Progressive in a report on Wednesday. Wells Fargo & Company lowered their price objective on Progressive from $240.00 to $220.00 and set an “equal weight” rating on the stock in a research report on Thursday, January 29th. Evercore cut their target price on shares of Progressive from $250.00 to $237.00 and set an “in-line” rating for the company in a report on Wednesday, January 7th. Finally, BMO Capital Markets lowered their price target on shares of Progressive from $239.00 to $232.00 and set a “market perform” rating on the stock in a report on Thursday, January 29th. Seven equities research analysts have rated the stock with a Buy rating, twelve have given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, Progressive has an average rating of “Hold” and a consensus price target of $250.35.

Insider Transactions at Progressive

In other Progressive news, insider Andrew J. Quigg sold 1,649 shares of the firm’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total value of $336,973.15. Following the transaction, the insider owned 39,626 shares in the company, valued at approximately $8,097,573.10. This trade represents a 4.00% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 3,105 shares of the company’s stock in a transaction on Wednesday, January 21st. The stock was sold at an average price of $204.35, for a total transaction of $634,506.75. Following the sale, the executive directly owned 26,249 shares of the company’s stock, valued at $5,363,983.15. The trade was a 10.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 12,443 shares of company stock valued at $2,723,061 over the last ninety days. Company insiders own 0.33% of the company’s stock.

Progressive Stock Down 0.5%

PGR stock opened at $204.43 on Monday. The Progressive Corporation has a 52 week low of $197.92 and a 52 week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.38 and a debt-to-equity ratio of 0.23. The firm has a 50-day simple moving average of $214.98 and a 200-day simple moving average of $227.81. The stock has a market capitalization of $119.88 billion, a P/E ratio of 10.63, a P/E/G ratio of 7.16 and a beta of 0.33.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 8th. Stockholders of record on Friday, January 2nd were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 2nd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. Progressive’s payout ratio is currently 2.08%.

Progressive Profile

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.