First Western Trust Bank Trims Holdings in The Progressive Co. (NYSE:PGR)

First Western Trust Bank reduced its holdings in shares of The Progressive Co. (NYSE:PGR) by 9.5% during the 3rd quarter, according to its most recent 13F filing with the SEC. The fund owned 6,286 shares of the insurance provider’s stock after selling 662 shares during the period. First Western Trust Bank’s holdings in Progressive were worth $1,595,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the business. AMG National Trust Bank acquired a new position in Progressive in the 3rd quarter valued at about $203,000. Swiss National Bank grew its stake in shares of Progressive by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,738,400 shares of the insurance provider’s stock valued at $441,136,000 after purchasing an additional 4,400 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in shares of Progressive by 26.2% in the third quarter. Thrivent Financial for Lutherans now owns 139,782 shares of the insurance provider’s stock valued at $35,471,000 after purchasing an additional 29,050 shares during the period. Claro Advisors LLC raised its stake in shares of Progressive by 117.2% during the third quarter. Claro Advisors LLC now owns 2,952 shares of the insurance provider’s stock worth $749,000 after purchasing an additional 1,593 shares during the last quarter. Finally, Obsidian Personal Planning Solutions LLC acquired a new stake in shares of Progressive during the third quarter worth $214,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In related news, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction on Monday, October 21st. The shares were sold at an average price of $251.15, for a total transaction of $748,678.15. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the completion of the transaction, the chief executive officer now owns 473,735 shares in the company, valued at $119,475,967. This represents a 8.39 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is currently owned by corporate insiders.

Progressive Price Performance

PGR opened at $255.78 on Monday. The company has a 50 day moving average of $252.22 and a two-hundred day moving average of $230.10. The Progressive Co. has a 52-week low of $149.14 and a 52-week high of $263.85. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The company has a market cap of $149.84 billion, a P/E ratio of 18.59, a P/E/G ratio of 0.71 and a beta of 0.36.

Progressive (NYSE:PGR) last announced its quarterly earnings results 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 firm had revenue of $19.43 billion during 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%. On average, analysts expect that The Progressive Co. will post 13.09 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on the stock. StockNews.com downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research report on Monday, November 11th. Morgan Stanley increased their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Evercore ISI lifted their price objective on Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Jefferies Financial Group increased their price objective on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research report on Wednesday, October 9th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Progressive from $242.00 to $251.00 and gave the company an “overweight” rating in a research report on Thursday, October 10th. Six investment analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $269.56.

Progressive Company 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.