BB&T Securities LLC decreased its position in Progressive Corp (NYSE:PGR) by 3.3% during the 3rd quarter, Holdings Channel.com reports. The firm owned 15,953 shares of the insurance provider’s stock after selling 552 shares during the period. BB&T Securities LLC’s holdings in Progressive were worth $1,221,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. CIBC Asset Management Inc lifted its stake in Progressive by 3.0% in the second quarter. CIBC Asset Management Inc now owns 57,954 shares of the insurance provider’s stock valued at $4,632,000 after purchasing an additional 1,714 shares during the last quarter. D.A. Davidson & CO. lifted its stake in Progressive by 14.4% in the second quarter. D.A. Davidson & CO. now owns 9,966 shares of the insurance provider’s stock valued at $797,000 after purchasing an additional 1,254 shares during the last quarter. Point72 Hong Kong Ltd lifted its stake in Progressive by 25.1% in the second quarter. Point72 Hong Kong Ltd now owns 11,681 shares of the insurance provider’s stock valued at $934,000 after purchasing an additional 2,345 shares during the last quarter. Ibex Wealth Advisors lifted its stake in Progressive by 9.9% in the second quarter. Ibex Wealth Advisors now owns 40,761 shares of the insurance provider’s stock valued at $3,258,000 after purchasing an additional 3,655 shares during the last quarter. Finally, Arden Trust Co purchased a new position in Progressive in the second quarter valued at approximately $613,000. Institutional investors and hedge funds own 78.67% of the company’s stock.

NYSE:PGR opened at $73.67 on Friday. The company has a market cap of $40.28 billion, a P/E ratio of 16.67, a P/E/G ratio of 1.75 and a beta of 0.65. The stock’s fifty day moving average price is $73.13 and its two-hundred day moving average price is $77.38. Progressive Corp has a 1 year low of $56.71 and a 1 year high of $84.96. The company has a debt-to-equity ratio of 0.31, a current ratio of 0.42 and a quick ratio of 0.36.

Progressive (NYSE:PGR) last posted its earnings results on Thursday, November 7th. The insurance provider reported $1.33 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.30 by $0.03. Progressive had a return on equity of 25.83% and a net margin of 8.69%. On average, analysts expect that Progressive Corp will post 5.37 earnings per share for the current fiscal year.

In related news, insider Steven Broz sold 5,000 shares of the stock in a transaction on Friday, October 18th. The stock was sold at an average price of $70.84, for a total value of $354,200.00. Following the sale, the insider now owns 25,295 shares in the company, valued at $1,791,897.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 12,000 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $77.58, for a total value of $930,960.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 39,500 shares of company stock worth $3,005,735. Company insiders own 0.39% of the company’s stock.

Several research firms recently commented on PGR. UBS Group upped their price objective on Progressive from $88.00 to $95.00 and gave the company a “buy” rating in a research note on Monday, July 29th. Evercore ISI began coverage on Progressive in a research note on Thursday, October 17th. They issued an “in-line” rating and a $78.00 price objective on the stock. Raymond James set a $93.00 price objective on Progressive and gave the company a “buy” rating in a research note on Thursday, September 26th. Barclays set a $90.00 price objective on Progressive and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, Credit Suisse Group dropped their price objective on Progressive from $90.00 to $85.00 and set an “outperform” rating on the stock in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, six have given a hold rating and five have assigned a buy rating to the company’s stock. Progressive has an average rating of “Hold” and an average price target of $82.64.

About Progressive

The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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