Glenmede Trust Co. NA Lowers Holdings in The Progressive Co. (NYSE:PGR)

Glenmede Trust Co. NA lowered its holdings in The Progressive Co. (NYSE:PGR) by 62.8% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 155,215 shares of the insurance provider’s stock after selling 261,865 shares during the quarter. Glenmede Trust Co. NA’s holdings in Progressive were worth $39,387,000 as of its most recent SEC filing.

Several other large investors have also modified their holdings of the business. Cynosure Group LLC raised its holdings in Progressive by 153.1% in the 3rd quarter. Cynosure Group LLC now owns 5,132 shares of the insurance provider’s stock valued at $1,302,000 after buying an additional 3,104 shares during the period. Townsquare Capital LLC raised its stake in shares of Progressive by 90.9% in the 3rd quarter. Townsquare Capital LLC now owns 7,813 shares of the insurance provider’s stock valued at $1,983,000 after acquiring an additional 3,720 shares during the period. Baldwin Investment Management LLC acquired a new position in shares of Progressive in the 3rd quarter worth approximately $225,000. Avestar Capital LLC boosted its position in shares of Progressive by 7.4% during the 3rd quarter. Avestar Capital LLC now owns 3,070 shares of the insurance provider’s stock worth $779,000 after purchasing an additional 211 shares during the period. Finally, Brooklyn Investment Group increased its holdings in Progressive by 12.0% in the 3rd quarter. Brooklyn Investment Group now owns 3,329 shares of the insurance provider’s stock valued at $845,000 after purchasing an additional 358 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR opened at $268.00 on Wednesday. The stock’s 50-day simple moving average is $253.47 and its 200-day simple moving average is $232.47. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30. The firm has a market capitalization of $157.00 billion, a PE ratio of 19.48, a price-to-earnings-growth ratio of 0.74 and a beta of 0.36. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $268.16.

Progressive (NYSE:PGR) last released its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share 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 analysts’ expectations of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. As a group, equities research analysts forecast that The Progressive Co. will post 13.2 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PGR has been the subject of several research analyst reports. Barclays raised their price target on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Keefe, Bruyette & Woods lifted their target price on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Jefferies Financial Group increased their price target on shares of Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. Finally, HSBC upgraded shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. Five investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Progressive presently has a consensus rating of “Moderate Buy” and an average price target of $269.81.

Insider Buying and Selling at Progressive

In other news, insider Patrick K. Callahan sold 7,696 shares of the firm’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 transaction of $1,964,096.16. Following the transaction, the insider now directly owns 15,189 shares in the company, valued at approximately $3,876,384.69. This trade represents a 33.63 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction 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 owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This trade represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 59,209 shares of company stock worth $14,975,979 over the last 90 days. Corporate insiders own 0.34% of the company’s stock.

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.