Northwest & Ethical Investments L.P. Has $15.66 Million Stock Position in The Progressive Co. (NYSE:PGR)

Northwest & Ethical Investments L.P. decreased its stake in shares of The Progressive Co. (NYSE:PGR) by 24.5% during the 3rd quarter, Holdings Channel reports. The firm owned 61,722 shares of the insurance provider’s stock after selling 20,066 shares during the period. Northwest & Ethical Investments L.P.’s holdings in Progressive were worth $15,663,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the stock. Raleigh Capital Management Inc. increased its position in shares of Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares during the last quarter. Castleview Partners LLC increased its holdings in shares of Progressive by 2.7% during the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock worth $434,000 after acquiring an additional 45 shares during the last quarter. Washington Trust Bank increased its holdings in shares of Progressive by 4.6% during the 3rd quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after acquiring an additional 45 shares during the last quarter. Sunbelt Securities Inc. increased its holdings in shares of Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after acquiring an additional 46 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. grew its holdings in Progressive by 11.8% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock valued at $95,000 after buying an additional 48 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction dated Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the transaction, the chief executive officer now directly 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 transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction dated Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the completion of the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 over the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.4 %

Shares of Progressive stock traded down $1.16 on Thursday, hitting $266.86. The stock had a trading volume of 2,862,426 shares, compared to its average volume of 2,465,446. The stock has a 50 day moving average of $253.65 and a 200 day moving average of $232.72. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $270.62. 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 $156.33 billion, a P/E ratio of 19.39, a PEG ratio of 0.74 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 EPS for the quarter, beating the consensus estimate of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The business had revenue of $19.43 billion for the quarter, compared to analysts’ expectations of $18.95 billion. Sell-side analysts expect that The Progressive Co. will post 13.2 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

PGR has been the topic of a number of research reports. Keefe, Bruyette & Woods upped their price objective on Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. TD Cowen upped their target price on Progressive from $197.00 to $237.00 and gave the company a “hold” rating in a research report on Friday, November 8th. BMO Capital Markets cut their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a research report on Wednesday, August 7th. Wells Fargo & Company upped their target price on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Finally, StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday, November 19th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average target price of $269.81.

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.