Marble Harbor Investment Counsel LLC Has $18.50 Million Holdings in The Progressive Corporation $PGR

Marble Harbor Investment Counsel LLC cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 2.1% during the 2nd quarter, HoldingsChannel reports. The firm owned 69,312 shares of the insurance provider’s stock after selling 1,468 shares during the period. Progressive comprises 2.0% of Marble Harbor Investment Counsel LLC’s investment portfolio, making the stock its 14th largest position. Marble Harbor Investment Counsel LLC’s holdings in Progressive were worth $18,497,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Atlantic Union Bankshares Corp bought a new stake in shares of Progressive during the second quarter worth $33,000. Westside Investment Management Inc. grew its holdings in Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 117 shares during the last quarter. Ransom Advisory Ltd bought a new position in shares of Progressive during the first quarter valued at $35,000. Activest Wealth Management lifted its holdings in shares of Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 127 shares during the period. Finally, Richardson Financial Services Inc. grew its stake in shares of Progressive by 1,885.7% in the second quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have commented on PGR shares. Barclays cut their target price on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a report on Monday, October 20th. The Goldman Sachs Group reduced their target price on Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a report on Monday, October 27th. Morgan Stanley set a $214.00 price objective on shares of Progressive and gave the stock an “underweight” rating in a research report on Monday, October 20th. Evercore ISI lowered their target price on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating for the company in a research note on Wednesday, October 1st. Finally, Wolfe Research initiated coverage on shares of Progressive in a research report on Monday, September 15th. They set a “peer perform” rating on the stock. Eight analysts have rated the stock with a Buy rating, eleven have given a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $269.90.

Progressive Price Performance

PGR stock opened at $219.73 on Wednesday. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31. The company’s 50-day moving average is $232.41 and its 200-day moving average is $251.30. The stock has a market capitalization of $128.85 billion, a PE ratio of 12.05, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99.

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

Insider Buying and Selling at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 30,659 shares of the firm’s stock in a transaction on Tuesday, September 2nd. The shares were sold at an average price of $246.06, for a total value of $7,543,953.54. Following the transaction, the chief executive officer directly owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This trade represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 2,218 shares of the business’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 sale, the insider directly owned 43,506 shares of the company’s stock, valued at approximately $10,532,802.60. The trade was a 4.85% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 58,500 shares of company stock worth $14,430,089 in the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Progressive 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.