The Progressive Co. (NYSE:PGR) Shares Sold by Guggenheim Capital LLC

Guggenheim Capital LLC reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 14.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 321,793 shares of the insurance provider’s stock after selling 53,554 shares during the period. Guggenheim Capital LLC owned approximately 0.05% of The Progressive worth $30,465,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in PGR. Orleans Capital Management Corp LA grew its holdings in The Progressive by 5.8% during the third quarter. Orleans Capital Management Corp LA now owns 21,840 shares of the insurance provider’s stock worth $2,068,000 after acquiring an additional 1,205 shares during the period. Bank of Hawaii acquired a new stake in shares of The Progressive during the 3rd quarter valued at $632,000. Cascadia Advisory Services LLC boosted its stake in shares of The Progressive by 13.4% during the 3rd quarter. Cascadia Advisory Services LLC now owns 18,600 shares of the insurance provider’s stock valued at $1,761,000 after buying an additional 2,201 shares during the period. AXA S.A. boosted its stake in shares of The Progressive by 0.8% during the 3rd quarter. AXA S.A. now owns 310,993 shares of the insurance provider’s stock valued at $29,442,000 after buying an additional 2,379 shares during the period. Finally, Fjarde AP Fonden Fourth Swedish National Pension Fund boosted its stake in shares of The Progressive by 7.7% during the 3rd quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund now owns 196,427 shares of the insurance provider’s stock valued at $18,596,000 after buying an additional 14,000 shares during the period. 80.93% of the stock is currently owned by institutional investors.

PGR has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft upped their target price on shares of The Progressive from $95.00 to $99.00 and gave the company a “buy” rating in a research note on Friday, August 21st. Morgan Stanley boosted their price target on shares of The Progressive from $102.00 to $103.00 and gave the stock an “equal weight” rating in a research note on Tuesday, November 24th. ValuEngine downgraded shares of The Progressive from a “hold” rating to a “sell” rating in a research note on Tuesday, November 10th. Argus downgraded shares of The Progressive from a “buy” rating to a “hold” rating in a research note on Thursday, August 13th. Finally, Keefe, Bruyette & Woods downgraded shares of The Progressive from a “market perform” rating to an “underperform” rating and set a $87.00 price target for the company. in a research note on Tuesday, September 22nd. Three equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $91.50.

NYSE:PGR traded down $0.83 during mid-day trading on Monday, hitting $87.60. 47,900 shares of the company’s stock were exchanged, compared to its average volume of 3,053,323. The company has a 50 day simple moving average of $94.93 and a 200-day simple moving average of $88.17. The company has a current ratio of 0.51, a quick ratio of 0.44 and a debt-to-equity ratio of 0.30. The Progressive Co. has a fifty-two week low of $62.18 and a fifty-two week high of $102.05. The firm has a market capitalization of $51.78 billion, a P/E ratio of 10.27, a PEG ratio of 2.11 and a beta of 0.54.

The Progressive (NYSE:PGR) last posted its earnings results on Wednesday, October 14th. The insurance provider reported $1.87 EPS for the quarter, topping the consensus estimate of $1.69 by $0.18. The business had revenue of $10.41 billion for the quarter, compared to the consensus estimate of $10.55 billion. The Progressive had a net margin of 12.13% and a return on equity of 28.66%. As a group, analysts expect that The Progressive Co. will post 7.19 earnings per share for the current year.

In other news, CMO M Jeffrey Charney sold 5,858 shares of The Progressive stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $94.80, for a total value of $555,338.40. Also, CEO Susan Patricia Griffith sold 33,750 shares of The Progressive stock in a transaction on Friday, September 18th. The shares were sold at an average price of $94.94, for a total transaction of $3,204,225.00. Following the completion of the sale, the chief executive officer now owns 455,314 shares of the company’s stock, valued at approximately $43,227,511.16. The disclosure for this sale can be found here. Insiders sold a total of 124,670 shares of company stock worth $11,742,637 in the last 90 days. Corporate insiders own 0.38% of the company’s stock.

The Progressive Profile

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for The Progressive (NYSE:PGR)

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