Concentric Capital Strategies LP Sells 44,085 Shares of The Progressive Co. (NYSE:PGR)

Concentric Capital Strategies LP cut its position in The Progressive Co. (NYSE:PGR) by 68.0% in the 3rd quarter, Holdings Channel.com reports. The firm owned 20,723 shares of the insurance provider’s stock after selling 44,085 shares during the period. Concentric Capital Strategies LP’s holdings in Progressive were worth $5,259,000 at the end of the most recent quarter.

A number of other hedge funds have also recently made changes to their positions in PGR. Benjamin Edwards Inc. boosted its position in Progressive by 340.5% during the 3rd quarter. Benjamin Edwards Inc. now owns 37,685 shares of the insurance provider’s stock worth $9,564,000 after buying an additional 29,129 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Progressive during the third quarter valued at $49,000. Kestra Investment Management LLC lifted its holdings in shares of Progressive by 11.8% during the third quarter. Kestra Investment Management LLC now owns 3,918 shares of the insurance provider’s stock worth $994,000 after purchasing an additional 412 shares during the period. Point72 Hong Kong Ltd bought a new stake in shares of Progressive in the third quarter worth $7,532,000. Finally, Erste Asset Management GmbH acquired a new stake in Progressive in the third quarter valued at $125,044,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the company’s stock in a transaction dated Friday, September 27th. The shares were sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares in the company, valued at approximately $3,462,038.44. This represents a 13.71 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of NYSE PGR opened at $268.88 on Monday. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock’s 50-day simple moving average is $254.08 and its two-hundred day simple moving average is $233.65. The firm has a market capitalization of $157.51 billion, a P/E ratio of 19.54, a P/E/G ratio of 0.74 and a beta of 0.36. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $270.62.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. As a group, equities analysts anticipate that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have commented on the company. The Goldman Sachs Group lifted their target price on Progressive from $262.00 to $280.00 and gave the stock a “buy” rating in a report on Wednesday, September 18th. Keefe, Bruyette & Woods upped their target price on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Roth Mkm increased their target price on shares of Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Bank of America boosted their price target on shares of Progressive from $331.00 to $335.00 and gave the stock a “buy” rating in a research report on Monday, November 18th. Finally, Evercore ISI increased their price objective on shares of Progressive from $277.00 to $285.00 and gave the stock an “outperform” rating in a research report on Wednesday, November 6th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $269.81.

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.