Tortoise Investment Management LLC Trims Holdings in The Progressive Corporation $PGR

Tortoise Investment Management LLC decreased its holdings in shares of The Progressive Corporation (NYSE:PGR) by 4.7% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 29,964 shares of the insurance provider’s stock after selling 1,493 shares during the period. Tortoise Investment Management LLC’s holdings in Progressive were worth $7,996,000 at the end of the most recent reporting period.

A number of other large investors have also recently made changes to their positions in the business. Atlantic Union Bankshares Corp purchased a new stake in shares of Progressive in the 2nd quarter worth about $33,000. Ransom Advisory Ltd bought a new position in Progressive in the first quarter worth about $35,000. Activest Wealth Management lifted its holdings in Progressive by 6,350.0% in the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after buying an additional 127 shares during the period. Westside Investment Management Inc. boosted its position in Progressive by 900.0% during the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares in the last quarter. Finally, Accent Capital Management LLC bought a new stake in Progressive during the 1st quarter valued at approximately $39,000. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently commented on PGR. Keefe, Bruyette & Woods lowered their target price on Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a research note on Wednesday, November 5th. JPMorgan Chase & Co. increased their price target on shares of Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. Cantor Fitzgerald raised shares of Progressive to a “hold” rating in a research note on Wednesday, August 13th. Citigroup decreased their target price on shares of Progressive from $312.00 to $301.38 and set a “buy” rating for the company in a research note on Thursday, October 16th. Finally, Evercore ISI cut their price target on shares of Progressive from $275.00 to $273.00 and set an “in-line” rating on the stock in a report on Wednesday, October 1st. Seven analysts have rated the stock with a Buy rating, twelve have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $266.46.

Progressive Stock Performance

NYSE PGR opened at $225.23 on Friday. The business has a 50-day moving average price of $231.02 and a 200-day moving average price of $250.41. The firm has a market cap of $132.08 billion, a price-to-earnings ratio of 12.36, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99. The company has a quick ratio of 0.31, a current ratio of 0.32 and a debt-to-equity ratio of 0.19.

Progressive (NYSE:PGR) last issued its 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). The company had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter in the prior year, the company posted $3.58 EPS. As a group, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction that occurred on Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total transaction of $7,543,953.54. Following the transaction, the chief executive officer owned 476,286 shares of the company’s stock, valued at approximately $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction dated Tuesday, November 11th. The shares were sold at an average price of $220.00, for a total transaction of $295,900.00. Following the sale, the insider owned 29,043 shares of the company’s stock, valued at $6,389,460. The trade was a 4.43% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 51,782 shares of company stock valued at $12,708,788. 0.34% of the stock is currently owned by company 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.