Kentucky Retirement Systems Insurance Trust Fund Has $4.40 Million Stock Position in The Progressive Co. (NYSE:PGR)

by · The Cerbat Gem

Kentucky Retirement Systems Insurance Trust Fund cut its stake in shares of The Progressive Co. (NYSE:PGR – Free Report) by 8.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 17,340 shares of the insurance provider’s stock after selling 1,551 shares during the period. Kentucky Retirement Systems Insurance Trust Fund’s holdings in Progressive were worth $4,400,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Diversified Trust Co increased its stake in shares of Progressive by 84.3% in the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock valued at $6,531,000 after acquiring an additional 11,770 shares during the last quarter. Sycomore Asset Management raised its holdings in Progressive by 9.5% in the second quarter. Sycomore Asset Management now owns 28,128 shares of the insurance provider’s stock worth $5,856,000 after purchasing an additional 2,450 shares during the period. Sumitomo Life Insurance Co. bought a new position in shares of Progressive during the second quarter worth $981,000. Tidal Investments LLC grew its holdings in shares of Progressive by 22.2% in the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock valued at $6,480,000 after buying an additional 5,691 shares during the period. Finally, Advisors Asset Management Inc. increased its position in shares of Progressive by 88.7% in the 1st quarter. Advisors Asset Management Inc. now owns 7,626 shares of the insurance provider’s stock valued at $1,577,000 after buying an additional 3,585 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, CEO Susan Patricia Griffith sold 43,370 shares of the firm’s stock in a transaction that occurred on Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. This trade represents a 8.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Patrick K. Callahan sold 7,696 shares of the company’s stock in a transaction that occurred on Friday, September 20th. The shares were sold at an average price of $255.21, for a total value of $1,964,096.16. Following the completion of the transaction, the insider now directly owns 15,189 shares in the company, valued at $3,876,384.69. The trade was a 33.63 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 65,331 shares of company stock worth $16,415,812. Company insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $255.78 on Friday. The stock has a market cap of $149.84 billion, a P/E ratio of 18.59, a P/E/G ratio of 0.73 and a beta of 0.36. The company has a fifty day moving average price of $252.22 and a two-hundred day moving average price of $229.82. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.30.

Progressive (NYSE:PGR – Get Free Report) last posted its quarterly earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, topping analysts’ consensus estimates of $3.40 by $0.18. The business had revenue of $19.43 billion during the quarter, compared to analysts’ expectations of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, equities analysts predict that The Progressive Co. will post 13.11 EPS for the current year.

Analyst Ratings Changes

A number of research analysts have issued reports on PGR shares. StockNews.com cut Progressive from a “buy” rating to a “hold” rating in a research note on Monday, November 11th. Roth Mkm boosted their price objective on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Keefe, Bruyette & Woods raised their target price on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a report on Wednesday, October 16th. Evercore ISI upped their price target on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Finally, Morgan Stanley raised their price objective on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Seven investment analysts have rated the stock with a hold rating, twelve have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $269.56.

Read Our Latest Analysis on Progressive

Progressive Company Profile

(Free Report)

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.

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