Citizens Financial Group Inc. RI Buys 2,109 Shares of The Progressive Corporation $PGR

Citizens Financial Group Inc. RI boosted its position in The Progressive Corporation (NYSE:PGR) by 12.5% in the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 19,037 shares of the insurance provider’s stock after purchasing an additional 2,109 shares during the quarter. Citizens Financial Group Inc. RI’s holdings in Progressive were worth $5,080,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Atlantic Union Bankshares Corp bought a new position in shares of Progressive during the 2nd quarter worth approximately $33,000. Westside Investment Management Inc. grew its holdings in Progressive by 900.0% in the second quarter. Westside Investment Management Inc. now owns 130 shares of the insurance provider’s stock worth $34,000 after purchasing an additional 117 shares during the last quarter. Ransom Advisory Ltd acquired a new position in shares of Progressive during the first quarter worth $35,000. Activest Wealth Management lifted its holdings in shares of Progressive by 6,350.0% during the 1st quarter. Activest Wealth Management now owns 129 shares of the insurance provider’s stock valued at $37,000 after purchasing an additional 127 shares during the last quarter. Finally, Richardson Financial Services Inc. boosted its position in shares of Progressive by 1,885.7% in the 2nd quarter. Richardson Financial Services Inc. now owns 139 shares of the insurance provider’s stock worth $37,000 after purchasing an additional 132 shares in the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Shares of NYSE:PGR opened at $225.23 on Monday. The Progressive Corporation has a twelve month low of $199.90 and a twelve month high of $292.99. The company has a current ratio of 0.32, a quick ratio of 0.31 and a debt-to-equity ratio of 0.19. The company has a market cap of $132.08 billion, a PE ratio of 12.36, a price-to-earnings-growth ratio of 1.19 and a beta of 0.29. The company’s 50 day moving average is $231.02 and its 200 day moving average is $250.19.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 EPS for the quarter, missing the consensus estimate of $5.04 by ($0.59). The business had revenue of $21.38 billion during the quarter, compared to analysts’ expectations of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same period last year, the company earned $3.58 earnings per share. On average, sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Buying and Selling at Progressive

In other news, CEO Susan Patricia Griffith sold 30,659 shares of the company’s stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $246.06, for a total value of $7,543,953.54. Following the sale, the chief executive officer owned 476,286 shares in the company, valued at $117,194,933.16. This represents a 6.05% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Steven Broz sold 1,345 shares of Progressive stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $220.00, for a total value of $295,900.00. Following the transaction, the insider owned 29,043 shares of the company’s stock, valued at approximately $6,389,460. This represents a 4.43% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 51,782 shares of company stock valued at $12,708,788 in the last three months. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Weiss Ratings lowered Progressive from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday. Barclays dropped their price target on Progressive from $271.00 to $257.00 and set an “equal weight” rating on the stock in a research note on Monday, October 20th. BMO Capital Markets reaffirmed a “market perform” rating on shares of Progressive in a research report on Monday, November 3rd. Wells Fargo & Company dropped their target price on shares of Progressive from $266.00 to $246.00 and set an “equal weight” rating on the stock in a research report on Thursday, October 16th. Finally, Bank of America upped their price target on shares of Progressive from $350.00 to $351.00 and gave the company a “buy” rating in a research note on Thursday, October 16th. Six research analysts have rated the stock with a Buy rating, thirteen have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $266.46.

Progressive Company 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.