Ashton Thomas Private Wealth LLC Sells 600 Shares of The Progressive Co. (NYSE:PGR)

Ashton Thomas Private Wealth LLC cut its stake in The Progressive Co. (NYSE:PGR) by 3.6% in the third quarter, HoldingsChannel.com reports. The fund owned 16,208 shares of the insurance provider’s stock after selling 600 shares during the period. Ashton Thomas Private Wealth LLC’s holdings in Progressive were worth $4,113,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently modified their holdings of PGR. Diversified Trust Co increased its stake in Progressive by 84.3% during the 3rd quarter. Diversified Trust Co now owns 25,738 shares of the insurance provider’s stock worth $6,531,000 after purchasing an additional 11,770 shares in the last quarter. Councilmark Asset Management LLC bought a new stake in Progressive during the 1st quarter worth approximately $1,890,000. Sycomore Asset Management increased its stake in Progressive by 9.5% during the 2nd 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 in the last quarter. Sumitomo Life Insurance Co. bought a new stake in Progressive during the 2nd quarter worth approximately $981,000. Finally, Tidal Investments LLC increased its stake in Progressive by 22.2% during the 1st quarter. Tidal Investments LLC now owns 31,330 shares of the insurance provider’s stock worth $6,480,000 after purchasing an additional 5,691 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In other news, insider John Jo Murphy sold 9,512 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the completion of the sale, the insider now owns 45,787 shares in the company, valued at $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, insider John Jo Murphy sold 9,512 shares of Progressive stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $237.50, for a total transaction of $2,259,100.00. Following the transaction, the insider now owns 45,787 shares of the company’s stock, valued at $10,874,412.50. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 6,122 shares of the business’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $235.19, for a total value of $1,439,833.18. Following the completion of the transaction, the insider now directly owns 32,316 shares in the company, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 74,843 shares of company stock worth $18,674,912. 0.34% of the stock is owned by corporate insiders.

Progressive Price Performance

Progressive stock opened at $252.42 on Tuesday. The stock’s 50 day moving average is $251.57 and its 200 day moving average is $228.68. The company has a debt-to-equity ratio of 0.25, a current ratio of 0.30 and a quick ratio of 0.31. The firm has a market cap of $147.87 billion, a P/E ratio of 18.89, a P/E/G ratio of 0.72 and a beta of 0.36. The Progressive Co. has a one year low of $149.14 and a one year high of $263.85.

Progressive (NYSE:PGR) last posted its quarterly earnings data 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 company had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a return on equity of 33.10% and a net margin of 11.27%. As a group, research analysts expect that The Progressive Co. will post 13.15 EPS for the current year.

Wall Street Analyst Weigh In

PGR has been the subject of a number of recent research reports. Morgan Stanley upped their price target on Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a research report on Friday, October 18th. BMO Capital Markets cut their price objective on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Bank of America increased their price target on Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a research note on Wednesday, October 16th. Barclays increased their price target on Progressive from $267.00 to $277.00 and gave the company an “equal weight” rating in a research note on Wednesday, October 23rd. Finally, HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target on the stock in a research note on Monday, August 12th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $269.56.

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.