Aviance Capital Partners LLC Sells 170 Shares of The Progressive Co. (NYSE:PGR)

Aviance Capital Partners LLC reduced its stake in shares of The Progressive Co. (NYSE:PGR) by 1.0% during the third quarter, Holdings Channel reports. The institutional investor owned 17,453 shares of the insurance provider’s stock after selling 170 shares during the period. Aviance Capital Partners LLC’s holdings in Progressive were worth $4,429,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in PGR. Raleigh Capital Management Inc. increased its stake in shares of Progressive by 20.9% during the third quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after purchasing an additional 41 shares in the last quarter. Castleview Partners LLC increased its stake in 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 buying an additional 45 shares in the last quarter. Washington Trust Bank raised its holdings in shares of Progressive by 4.6% during the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock valued at $260,000 after acquiring an additional 45 shares during the last quarter. Sunbelt Securities Inc. grew its holdings 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 in the last quarter. Finally, Whittier Trust Co. of Nevada Inc. raised 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 acquiring an additional 48 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages recently issued reports on PGR. Keefe, Bruyette & Woods upped their price objective on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a report on Wednesday, October 16th. Morgan Stanley upped their target price on shares of Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research report on Friday, October 18th. Bank of America lifted their price target on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research report on Monday. Jefferies Financial Group increased their price objective 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. Finally, Roth Mkm boosted their target price on Progressive from $270.00 to $290.00 and gave the company a “buy” rating in a research report on Monday, September 16th. Five investment analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $269.81.

Progressive Trading Up 0.3 %

NYSE:PGR opened at $256.56 on Tuesday. The stock has a 50-day simple moving average of $252.32 and a 200-day simple moving average of $230.44. The stock has a market cap of $150.30 billion, a P/E ratio of 18.65, a P/E/G ratio of 0.71 and a beta of 0.36. The Progressive Co. has a 1 year low of $149.14 and a 1 year high of $263.85. The company has a debt-to-equity ratio of 0.25, a quick ratio of 0.30 and a current ratio of 0.30.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, topping the consensus estimate of $3.40 by $0.18. Progressive had a net margin of 11.27% and a return on equity of 33.10%. The business had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. As a group, analysts anticipate that The Progressive Co. will post 13.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at $119,475,967. The trade was a 8.39 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Steven Broz sold 2,981 shares of the firm’s stock in a transaction dated 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 owns 26,353 shares of the company’s stock, valued at approximately $6,618,555.95. The trade was a 10.16 % 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 valued at $14,975,979 over the last quarter. 0.34% of the stock is currently owned by insiders.

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.