Marble Harbor Investment Counsel LLC Sells 1,468 Shares of The Progressive Corporation $PGR

Marble Harbor Investment Counsel LLC cut its holdings in shares of The Progressive Corporation (NYSE:PGR) by 2.1% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 69,312 shares of the insurance provider’s stock after selling 1,468 shares during the quarter. Progressive makes up 2.0% of Marble Harbor Investment Counsel LLC’s 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 SEC filing.

Other hedge funds also recently modified their holdings of the company. Brighton Jones LLC increased its position in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive in the 4th quarter valued at approximately $269,000. Bison Wealth LLC grew its stake in shares of Progressive by 3.2% in the fourth quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after buying an additional 80 shares in the last quarter. MQS Management LLC acquired a new position in Progressive during the first quarter worth $232,000. Finally, Bleakley Financial Group LLC raised its position in Progressive by 4.3% during the first quarter. Bleakley Financial Group LLC now owns 13,692 shares of the insurance provider’s stock worth $3,875,000 after acquiring an additional 563 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of several recent analyst reports. UBS Group lowered their price objective on shares of Progressive from $268.00 to $261.00 and set a “neutral” rating on the stock in a research note on Wednesday, October 8th. Keefe, Bruyette & Woods lowered their price target on Progressive from $262.00 to $246.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 5th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a research report on Monday, November 3rd. Evercore ISI reduced their target price on 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, Jefferies Financial Group decreased their target price on Progressive from $309.00 to $287.00 and set a “buy” rating on the stock in a report on Monday, August 11th. Eight investment analysts have rated the stock with a Buy rating, eleven have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $269.90.

Progressive Price Performance

Progressive stock opened at $219.73 on Wednesday. The company has a market capitalization of $128.85 billion, a price-to-earnings ratio of 12.05, a PEG ratio of 1.19 and a beta of 0.29. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The Progressive Corporation has a 12 month low of $199.90 and a 12 month high of $292.99. The stock’s 50 day moving average is $232.41 and its 200-day moving average is $251.30.

Progressive (NYSE:PGR) last released its quarterly earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing the consensus estimate 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 in the previous year, the business posted $3.58 earnings per share. Equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Buying and Selling

In related news, insider John Jo Murphy sold 2,218 shares of the company’s stock in a transaction dated Friday, September 19th. The shares were sold at an average price of $242.10, for a total value of $536,977.80. Following the transaction, the insider directly owned 43,506 shares in the company, valued at approximately $10,532,802.60. This represents a 4.85% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction dated Friday, September 19th. The stock was sold at an average price of $242.10, for a total transaction of $325,624.50. Following the completion of the sale, the insider owned 30,388 shares of the company’s stock, valued at $7,356,934.80. This trade represents a 4.24% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 58,500 shares of company stock valued at $14,430,089 in the last 90 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.