Citigroup Inc. Has $119.37 Million Stock Position in The Progressive Co. (NYSE:PGR)

Citigroup Inc. raised its holdings in The Progressive Co. (NYSE:PGR) by 6.4% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 470,394 shares of the insurance provider’s stock after acquiring an additional 28,398 shares during the quarter. Citigroup Inc.’s holdings in Progressive were worth $119,367,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in PGR. Davis Capital Management acquired a new stake in shares of Progressive in the third quarter valued at about $25,000. WR Wealth Planners LLC grew its stake in Progressive by 119.6% in the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 67 shares in the last quarter. Hilltop National Bank raised its stake in shares of Progressive by 126.0% during the 2nd quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 92 shares in the last quarter. DiNuzzo Private Wealth Inc. raised its stake in shares of Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after purchasing an additional 73 shares in the last quarter. Finally, LRI Investments LLC bought a new position in shares of Progressive in the first quarter valued at $36,000. 85.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PGR. StockNews.com raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Tuesday. HSBC raised shares of Progressive from a “hold” rating to a “buy” rating and set a $253.00 target price on the stock in a report on Monday, August 12th. BMO Capital Markets reduced their price target on Progressive from $239.00 to $237.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Morgan Stanley upped their price objective on Progressive from $300.00 to $310.00 and gave the company an “overweight” rating in a research note on Friday, October 18th. Finally, Jefferies Financial Group lifted their target price on Progressive from $257.00 to $295.00 and gave the stock a “buy” rating in a research note on Wednesday, October 9th. Five investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $269.81.

Insiders Place Their Bets

In other Progressive news, Director Dyke Kahina Van sold 2,180 shares of the firm’s stock in a transaction on Friday, September 27th. The stock was sold at an average price of $252.28, for a total value of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at approximately $3,462,038.44. This trade represents a 13.71 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 2,981 shares of the business’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $251.15, for a total value of $748,678.15. Following the transaction, the insider now directly owns 26,353 shares of the company’s stock, valued at $6,618,555.95. This trade represents a 10.16 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 59,209 shares of company stock worth $14,975,979 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Up 1.0 %

Shares of PGR opened at $266.04 on Friday. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $155.85 billion, a PE ratio of 19.33, a P/E/G ratio of 0.73 and a beta of 0.36. The firm’s 50 day moving average is $253.06 and its 200-day moving average is $231.52. The Progressive Co. has a 12 month low of $149.14 and a 12 month high of $266.18.

Progressive (NYSE:PGR) last released its earnings results on Tuesday, October 15th. The insurance provider reported $3.58 earnings per share for the quarter, beating analysts’ consensus estimates of $3.40 by $0.18. Progressive had a return on equity of 33.10% and a net margin of 11.27%. The firm had revenue of $19.43 billion during the quarter, compared to the consensus estimate of $18.95 billion. Equities research analysts forecast that The Progressive Co. will post 13.12 EPS for the current year.

Progressive 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.