Gulf International Bank UK Ltd Reduces Stake in The Progressive Co. (NYSE:PGR)

Gulf International Bank UK Ltd decreased its position in The Progressive Co. (NYSE:PGR) by 4.0% during the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 45,851 shares of the insurance provider’s stock after selling 1,912 shares during the period. Gulf International Bank UK Ltd’s holdings in Progressive were worth $11,635,000 at the end of the most recent reporting period.

A number of other hedge funds have also made changes to their positions in the company. Private Advisor Group LLC raised its position in Progressive by 7.4% during the first quarter. Private Advisor Group LLC now owns 10,610 shares of the insurance provider’s stock worth $2,194,000 after acquiring an additional 727 shares during the last quarter. Jennison Associates LLC purchased a new stake in Progressive in the 1st quarter valued at approximately $25,743,000. Whittier Trust Co. grew its holdings in Progressive by 42.1% during the 1st quarter. Whittier Trust Co. now owns 3,889 shares of the insurance provider’s stock valued at $804,000 after buying an additional 1,153 shares during the last quarter. Proficio Capital Partners LLC increased its position in Progressive by 3.2% during the first quarter. Proficio Capital Partners LLC now owns 2,053 shares of the insurance provider’s stock worth $425,000 after buying an additional 63 shares in the last quarter. Finally, RiverPark Advisors LLC acquired a new position in shares of Progressive in the first quarter worth $38,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

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 transaction of $748,678.15. Following the sale, the insider now owns 26,353 shares in the company, valued at $6,618,555.95. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Progressive news, insider Steven Broz sold 2,981 shares of Progressive stock in a transaction that occurred on Monday, October 21st. The stock was sold at an average price of $251.15, for a total transaction of $748,678.15. Following the sale, the insider now directly owns 26,353 shares in the company, valued at $6,618,555.95. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider John Jo Murphy sold 9,512 shares of the stock in a transaction that occurred on Thursday, August 15th. The shares were sold at an average price of $237.50, for a total value of $2,259,100.00. Following the transaction, the insider now owns 45,787 shares of the company’s stock, valued at approximately $10,874,412.50. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 74,843 shares of company stock valued at $18,674,912. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

A number of research firms recently commented on PGR. Jefferies Financial Group lifted 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. Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $280.00 to $290.00 and gave the company an “outperform” rating in a research report on Wednesday, October 16th. Hsbc Global Res upgraded shares of Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, August 12th. HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price target for the company in a report on Monday, August 12th. Finally, Wells Fargo & Company lifted their price objective on Progressive from $281.00 to $282.00 and gave the company an “overweight” rating in a research report on Tuesday, September 10th. Seven equities research analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $263.19.

Progressive Stock Down 0.5 %

Shares of NYSE PGR opened at $241.48 on Tuesday. The stock has a fifty day moving average price of $250.86 and a 200 day moving average price of $227.13. The company has a market cap of $141.43 billion, a P/E ratio of 17.55, a P/E/G ratio of 0.67 and a beta of 0.36. The Progressive Co. has a 12-month low of $149.14 and a 12-month high of $260.46. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30.

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.