First Citizens Bank & Trust Co. Cuts Stake in Progressive Corp (PGR)

First Citizens Bank & Trust Co. decreased its holdings in Progressive Corp (NYSE:PGR) by 16.5% in the fourth quarter, HoldingsChannel reports. The firm owned 39,791 shares of the insurance provider’s stock after selling 7,884 shares during the period. First Citizens Bank & Trust Co.’s holdings in Progressive were worth $2,241,000 at the end of the most recent quarter.

Several other institutional investors have also made changes to their positions in PGR. Mckinley Capital Management LLC Delaware purchased a new stake in Progressive during the 2nd quarter valued at $101,000. Balentine LLC boosted its position in Progressive by 3,273.0% during the 3rd quarter. Balentine LLC now owns 2,496 shares of the insurance provider’s stock valued at $121,000 after buying an additional 2,422 shares during the period. Fiduciary Trust Co. purchased a new stake in Progressive during the 2nd quarter valued at $143,000. YorkBridge Wealth Partners LLC boosted its position in Progressive by 12.9% during the 2nd quarter. YorkBridge Wealth Partners LLC now owns 3,727 shares of the insurance provider’s stock valued at $165,000 after buying an additional 427 shares during the period. Finally, Sun Life Financial INC boosted its position in Progressive by 35,300.0% during the 2nd quarter. Sun Life Financial INC now owns 4,248 shares of the insurance provider’s stock valued at $187,000 after buying an additional 4,236 shares during the period. 79.39% of the stock is owned by institutional investors.

In other news, insider Jeffrey W. Basch sold 9,000 shares of the firm’s stock in a transaction dated Wednesday, October 18th. The shares were sold at an average price of $48.23, for a total value of $434,070.00. Following the completion of the sale, the insider now directly owns 70,965 shares of the company’s stock, valued at approximately $3,422,641.95. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider William M. Cody sold 25,000 shares of the firm’s stock in a transaction dated Friday, December 22nd. The stock was sold at an average price of $56.10, for a total transaction of $1,402,500.00. Following the completion of the sale, the insider now directly owns 137,722 shares of the company’s stock, valued at $7,726,204.20. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 46,000 shares of company stock valued at $2,426,970. Corporate insiders own 0.56% of the company’s stock.

Shares of Progressive Corp (NYSE:PGR) opened at $55.68 on Thursday. Progressive Corp has a 12-month low of $35.85 and a 12-month high of $57.18. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.50 and a quick ratio of 0.50. The company has a market cap of $32,670.00, a PE ratio of 23.20, a PEG ratio of 2.48 and a beta of 0.94.

Progressive (NYSE:PGR) last posted its earnings results on Tuesday, October 17th. The insurance provider reported $0.41 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.34 by $0.07. Progressive had a net margin of 5.41% and a return on equity of 15.40%. The firm had revenue of $7.14 billion during the quarter, compared to analysts’ expectations of $7.04 billion. During the same period last year, the company posted $0.34 EPS. The company’s quarterly revenue was up 18.1% compared to the same quarter last year. research analysts predict that Progressive Corp will post 2.47 earnings per share for the current year.

Several brokerages have weighed in on PGR. UBS Group reissued a “buy” rating and set a $62.00 price target on shares of Progressive in a research report on Friday, December 1st. Citigroup increased their price target on shares of Progressive from $50.00 to $51.00 and gave the company a “neutral” rating in a research report on Wednesday, October 18th. Credit Suisse Group raised shares of Progressive from an “underperform” rating to a “neutral” rating and increased their price target for the company from $42.00 to $48.00 in a research report on Wednesday, September 20th. Wells Fargo & Co set a $47.00 price target on shares of Progressive and gave the company a “hold” rating in a research report on Tuesday, October 17th. Finally, MKM Partners increased their price target on shares of Progressive to $60.00 and gave the company a “buy” rating in a research report on Thursday, November 16th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, seven have issued a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $50.41.

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About Progressive

The Progressive Corporation is an insurance holding company. The Company’s insurance subsidiaries and affiliates provide personal and commercial automobile and property insurance, other specialty property-casualty insurance and related services. The Company operates through the Personal Lines, Commercial Lines and Property segments.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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