Community Trust & Investment Co. Has $273,000 Position in The Progressive Co. (NYSE:PGR)

Community Trust & Investment Co. cut its position in shares of The Progressive Co. (NYSE:PGR) by 4.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 964 shares of the insurance provider’s stock after selling 47 shares during the period. Community Trust & Investment Co.’s holdings in Progressive were worth $273,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. Brighton Jones LLC lifted its position in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC bought a new stake in Progressive in the 4th quarter valued at $269,000. Gladstone Institutional Advisory LLC acquired a new stake in Progressive during the 4th quarter valued at $405,000. Van ECK Associates Corp boosted its position in Progressive by 3.4% during the fourth quarter. Van ECK Associates Corp now owns 16,199 shares of the insurance provider’s stock worth $3,881,000 after purchasing an additional 527 shares during the period. Finally, Spinnaker Trust acquired a new position in shares of Progressive in the fourth quarter valued at $510,000. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction on Friday, March 28th. The shares were sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the sale, the chief financial officer now owns 258,024 shares of the company’s stock, valued at approximately $71,199,142.56. The trade was a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction on Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares of the company’s stock, valued at $180,891.35. This trade represents a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,517 shares of company stock valued at $9,451,821 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several brokerages recently commented on PGR. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $288.00 target price on shares of Progressive in a research note on Thursday, April 17th. UBS Group boosted their price target on Progressive from $285.00 to $291.00 and gave the company a “neutral” rating in a research note on Wednesday, May 28th. Jefferies Financial Group decreased their price objective on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Finally, Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, May 21st. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $288.59.

Progressive Stock Performance

Shares of Progressive stock opened at $267.58 on Monday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The company has a market cap of $156.86 billion, a PE ratio of 18.58, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The company has a 50 day moving average of $276.07 and a 200-day moving average of $264.51. The Progressive Co. has a 1-year low of $204.62 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The firm had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. As a group, equities research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Company 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.