Marble Harbor Investment Counsel LLC Sells 2,703 Shares of The Progressive Corporation $PGR

Marble Harbor Investment Counsel LLC lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 4.2% in the third quarter, Holdings Channel reports. The firm owned 62,301 shares of the insurance provider’s stock after selling 2,703 shares during the period. Progressive comprises about 1.2% of Marble Harbor Investment Counsel LLC’s holdings, making the stock its 24th biggest position. Marble Harbor Investment Counsel LLC’s holdings in Progressive were worth $12,916,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Joel Isaacson & Co. LLC raised its position in shares of Progressive by 3.7% in the third quarter. Joel Isaacson & Co. LLC now owns 1,284 shares of the insurance provider’s stock valued at $266,000 after purchasing an additional 46 shares during the period. Unique Wealth LLC boosted its holdings in shares of Progressive by 4.3% during the 2nd quarter. Unique Wealth LLC now owns 1,240 shares of the insurance provider’s stock worth $271,000 after buying an additional 51 shares during the period. Brown Miller Wealth Management LLC boosted its holdings in shares of Progressive by 2.4% during the 2nd quarter. Brown Miller Wealth Management LLC now owns 2,365 shares of the insurance provider’s stock worth $517,000 after buying an additional 55 shares during the period. Linden Thomas Advisory Services LLC boosted its holdings in shares of Progressive by 1.4% during the 2nd quarter. Linden Thomas Advisory Services LLC now owns 4,072 shares of the insurance provider’s stock worth $890,000 after buying an additional 55 shares during the period. Finally, Eastern Bank boosted its holdings in shares of Progressive by 0.7% during the 3rd quarter. Eastern Bank now owns 8,416 shares of the insurance provider’s stock worth $1,745,000 after buying an additional 55 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently commented on PGR shares. TD Cowen dropped their target price on shares of Progressive from $266.00 to $222.00 and set a “hold” rating on the stock in a report on Wednesday, July 29th. Barclays upped their price target on shares of Progressive from $246.00 to $247.00 and gave the company an “overweight” rating in a report on Wednesday, October 7th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a research report on Thursday, October 15th. Wells Fargo & Company lowered their price target on Progressive from $201.00 to $196.00 and set an “underweight” rating on the stock in a research report on Thursday, October 15th. Finally, Piper Sandler lifted their price objective on Progressive from $241.00 to $242.00 and gave the stock an “overweight” rating in a research note on Thursday, August 20th. Nine equities research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $234.45.

Progressive Stock Up 0.8%

PGR opened at $235.51 on Friday. The business has a 50 day moving average of $219.72 and a 200-day moving average of $210.51. The stock has a market capitalization of $136.44 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 2.70 and a beta of 0.22. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 1-year low of $189.20 and a 1-year high of $241.02.

Insider Buying and Selling at Progressive

In related news, CEO Susan Griffith sold 37,338 shares of the company’s stock in a transaction on Tuesday, September 1st. The shares were sold at an average price of $219.50, for a total transaction of $8,195,691.00. Following the completion of the transaction, the chief executive officer directly owned 485,438 shares in the company, valued at $106,553,641. This represents a 7.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, insider Steven Broz sold 1,225 shares of the stock in a transaction on Thursday, October 22nd. The shares were sold at an average price of $223.32, for a total transaction of $273,567.00. Following the completion of the sale, the insider directly owned 28,807 shares of the company’s stock, valued at approximately $6,433,179.24. This trade represents a 4.08% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 41,013 shares of company stock valued at $8,988,278. Corporate insiders own 0.32% of the company’s stock.

Progressive Profile

Progressive Corporation is an insurance company founded in 1937 and headquartered in Mayfield Village, Ohio. It provides personal and commercial insurance, with a major focus on automobile coverage. The company offers auto insurance for individuals and businesses, as well as coverage for motorcycles, boats, recreational vehicles, homes and renters. Progressive sells through independent insurance agents and directly to customers, including through digital channels. Its Snapshot program uses driving data to help determine auto insurance rates for participating customers.