Community Financial Services Group LLC Reduces Stock Holdings in The Progressive Corporation (NYSE:PGR)

Community Financial Services Group LLC lowered its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 94.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 890 shares of the insurance provider's stock after selling 14,456 shares during the quarter. Community Financial Services Group LLC's holdings in Progressive were worth $252,000 as of its most recent SEC filing.

Several other institutional investors have also recently made changes to their positions in the business. Brighton Jones LLC grew its position in Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the fourth quarter worth about $269,000. Highview Capital Management LLC DE grew its holdings in Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after acquiring an additional 339 shares during the period. Pinnacle Financial Partners Inc grew its holdings in Progressive by 7.1% during the fourth quarter. Pinnacle Financial Partners Inc now owns 5,860 shares of the insurance provider's stock worth $1,432,000 after acquiring an additional 386 shares during the period. Finally, First Horizon Advisors Inc. raised its position in Progressive by 6.0% during the fourth quarter. First Horizon Advisors Inc. now owns 2,300 shares of the insurance provider's stock valued at $551,000 after acquiring an additional 131 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the topic of a number of analyst reports. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Roth Mkm raised their price target on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Morgan Stanley set a $330.00 price objective on shares of Progressive and gave the company an "overweight" rating in a report on Monday, May 19th. BMO Capital Markets increased their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. Finally, Wells Fargo & Company raised their target price on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $288.88.

Progressive Price Performance

Shares of Progressive stock traded down $2.12 during mid-day trading on Wednesday, reaching $263.89. 442,489 shares of the stock traded hands, compared to its average volume of 3,073,987. The stock has a market capitalization of $154.70 billion, a PE ratio of 17.80, a PEG ratio of 1.64 and a beta of 0.40. The business has a 50-day moving average of $274.89 and a 200 day moving average of $264.58. The Progressive Corporation has a fifty-two week low of $204.88 and a fifty-two week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. On average, analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,267 shares of the business's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the transaction, the insider now directly owns 27,621 shares in the company, valued at approximately $7,191,955.98. The trade was a 4.39% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the sale, the director now owns 12,217 shares of the company's stock, valued at approximately $3,181,673.31. The trade was a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock valued at $11,572,448 over the last 90 days. 0.33% 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.