Brown Advisory Inc. Sells 542,763 Shares of The Progressive Corporation $PGR

Brown Advisory Inc. lowered its holdings in shares of The Progressive Corporation (NYSE:PGR) by 11.1% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,345,609 shares of the insurance provider’s stock after selling 542,763 shares during the quarter. Progressive accounts for about 1.5% of Brown Advisory Inc.’s portfolio, making the stock its 13th biggest position. Brown Advisory Inc.’s holdings in Progressive were worth $1,159,677,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Atlantic Union Bankshares Corp acquired a new stake in Progressive during the 2nd quarter worth approximately $33,000. Ransom Advisory Ltd acquired a new stake in shares of Progressive during the first quarter worth $35,000. Activest Wealth Management raised its holdings in shares of Progressive by 6,350.0% during the first quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock worth $37,000 after acquiring an additional 127 shares during the period. Westside Investment Management Inc. lifted its position in Progressive by 900.0% in the 2nd quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock valued at $34,000 after acquiring an additional 117 shares in the last quarter. Finally, Richardson Financial Services Inc. boosted its stake in Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other Progressive news, insider Patrick K. Callahan sold 6,420 shares of the company’s stock in a transaction that occurred on Friday, September 19th. The stock was sold at an average price of $242.22, for a total value of $1,555,052.40. Following the sale, the insider owned 15,192 shares in the company, valued at $3,679,806.24. This represents a 29.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $228.29, for a total value of $307,050.05. Following the transaction, the insider owned 27,698 shares of the company’s stock, valued at $6,323,176.42. This represents a 4.63% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 17,673 shares of company stock valued at $4,163,005 in the last 90 days. 0.34% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several research firms have issued reports on PGR. Wolfe Research assumed coverage on Progressive in a research note on Monday, September 15th. They issued a “peer perform” rating on the stock. Citigroup dropped their target price on Progressive from $312.00 to $301.38 and set a “buy” rating on the stock in a research report on Thursday, October 16th. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 17th. Barclays decreased their price target on shares of Progressive from $271.00 to $257.00 and set an “equal weight” rating for the company in a research note on Monday, October 20th. Finally, Jefferies Financial Group lowered shares of Progressive from a “buy” rating to a “hold” rating and cut their price objective for the stock from $261.00 to $232.00 in a research report on Friday, November 14th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $266.52.

Progressive Trading Down 0.1%

NYSE PGR opened at $227.01 on Friday. The Progressive Corporation has a 12 month low of $199.90 and a 12 month high of $292.99. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.19. The stock has a 50 day moving average of $226.29 and a 200-day moving average of $245.23. The company has a market cap of $133.12 billion, a PE ratio of 12.45, a PEG ratio of 1.01 and a beta of 0.36.

Progressive (NYSE:PGR) last issued its earnings results on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to analyst estimates of $21.64 billion. Progressive had a return on equity of 33.88% and a net margin of 12.57%.During the same quarter in the previous year, the firm posted $3.58 earnings per share. On average, equities research analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

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.