Massachusetts Financial Services Co. MA Cuts Stock Holdings in The Progressive Co. (NYSE:PGR)

Massachusetts Financial Services Co. MA cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 2.3% during the third quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 14,111,843 shares of the insurance provider’s stock after selling 334,696 shares during the period. Progressive accounts for 1.1% of Massachusetts Financial Services Co. MA’s holdings, making the stock its 13th biggest holding. Massachusetts Financial Services Co. MA’s holdings in Progressive were worth $3,581,021,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Integrated Investment Consultants LLC bought a new stake in shares of Progressive in the 3rd quarter valued at about $3,747,000. LPL Financial LLC grew its holdings in Progressive by 20.5% in the third quarter. LPL Financial LLC now owns 391,273 shares of the insurance provider’s stock worth $99,290,000 after purchasing an additional 66,628 shares during the last quarter. Trustmark National Bank Trust Department increased its position in shares of Progressive by 40.2% during the third quarter. Trustmark National Bank Trust Department now owns 1,363 shares of the insurance provider’s stock worth $346,000 after purchasing an additional 391 shares in the last quarter. Intech Investment Management LLC lifted its holdings in shares of Progressive by 6.7% during the 3rd quarter. Intech Investment Management LLC now owns 413,293 shares of the insurance provider’s stock valued at $104,877,000 after purchasing an additional 25,838 shares during the last quarter. Finally, Cornerstone Advisors LLC grew its stake in Progressive by 0.8% during the 3rd quarter. Cornerstone Advisors LLC now owns 36,600 shares of the insurance provider’s stock worth $9,288,000 after buying an additional 300 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Up 1.0 %

Progressive stock opened at $256.99 on Thursday. The firm has a market capitalization of $150.54 billion, a P/E ratio of 18.68, a P/E/G ratio of 0.71 and a beta of 0.36. The stock’s fifty day simple moving average is $252.58 and its 200-day simple moving average is $230.94. The Progressive Co. has a twelve month low of $149.14 and a twelve month high of $263.85. The company has a current ratio of 0.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.25.

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

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Roth Mkm raised their price target on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a report on Monday, September 16th. Morgan Stanley raised their price target on shares of Progressive from $300.00 to $310.00 and gave the stock an “overweight” rating in a report on Friday, October 18th. Evercore ISI boosted their price objective on shares of Progressive from $277.00 to $285.00 and gave the company an “outperform” rating in a report on Wednesday, November 6th. Jefferies Financial Group raised 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. Finally, Piper Sandler increased their price objective on Progressive from $250.00 to $252.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. Five research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $269.81.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 43,370 shares of the company’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total value of $10,937,914.00. Following the completion of the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at approximately $119,475,967. This represents a 8.39 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, 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 transaction of $549,970.40. Following the completion of the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade represents a 13.71 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 59,209 shares of company stock worth $14,975,979. 0.34% of the stock is currently owned by corporate insiders.

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.