St. Louis Trust Co Sells 2,376 Shares of The Progressive Co. (NYSE:PGR)

St. Louis Trust Co lowered its holdings in shares of The Progressive Co. (NYSE:PGR) by 13.8% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 14,822 shares of the insurance provider’s stock after selling 2,376 shares during the period. St. Louis Trust Co’s holdings in Progressive were worth $3,761,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of PGR. Raleigh Capital Management Inc. boosted its position in Progressive by 20.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock valued at $60,000 after buying an additional 41 shares during the last quarter. Castleview Partners LLC boosted its stake in shares of Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after purchasing an additional 45 shares during the last quarter. Washington Trust Bank grew its position 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 buying an additional 45 shares during the period. Sunbelt Securities Inc. raised its stake in shares of Progressive by 21.3% during the second quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after buying an additional 46 shares during the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised its stake in shares of Progressive by 11.8% during the second quarter. Whittier Trust Co. of Nevada Inc. now owns 455 shares of the insurance provider’s stock worth $95,000 after buying an additional 48 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR stock opened at $256.56 on Tuesday. 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 Progressive Co. has a 52 week low of $149.14 and a 52 week high of $263.85. The company’s 50 day moving average price is $252.32 and its two-hundred day moving average price is $230.44. The company has a market capitalization of $150.30 billion, a P/E ratio of 18.65, a price-to-earnings-growth ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last issued 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 business had revenue of $19.43 billion for the quarter, compared to analyst estimates of $18.95 billion. Progressive had a net margin of 11.27% and a return on equity of 33.10%. On average, analysts expect that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $251.15, for a total value of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the transaction, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. The trade was a 13.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 59,209 shares of company stock worth $14,975,979 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of recent research reports. Piper Sandler raised their price objective on shares of Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a research note on Thursday, August 15th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. Jefferies Financial Group upped their price objective on Progressive from $257.00 to $295.00 and gave the company a “buy” rating in a report on Wednesday, October 9th. HSBC raised Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a research note on Monday, August 12th. Finally, BMO Capital Markets decreased 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. Five analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $269.81.

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.