Shelton Capital Management Trims Stock Holdings in The Progressive Co. (NYSE:PGR)

Shelton Capital Management lowered its position in The Progressive Co. (NYSE:PGR) by 57.8% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 35,912 shares of the insurance provider’s stock after selling 49,100 shares during the quarter. Shelton Capital Management’s holdings in Progressive were worth $4,754,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Creative Financial Designs Inc. ADV increased its holdings in shares of Progressive by 95.0% in the second quarter. Creative Financial Designs Inc. ADV now owns 195 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 95 shares during the period. Sunbelt Securities Inc. acquired a new position in shares of Progressive in the first quarter valued at approximately $31,000. Exos TFP Holdings LLC increased its holdings in shares of Progressive by 270.0% in the first quarter. Exos TFP Holdings LLC now owns 222 shares of the insurance provider’s stock valued at $32,000 after purchasing an additional 162 shares during the period. Fiduciary Alliance LLC acquired a new position in shares of Progressive in the second quarter valued at approximately $32,000. Finally, Neo Ivy Capital Management acquired a new position in shares of Progressive in the second quarter valued at approximately $35,000. Hedge funds and other institutional investors own 83.66% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $157.57 on Friday. The business’s 50-day moving average price is $149.66 and its 200 day moving average price is $136.77. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $161.98. The company has a market capitalization of $92.18 billion, a PE ratio of 34.17, a price-to-earnings-growth ratio of 1.16 and a beta of 0.43. The company has a current ratio of 0.33, a quick ratio of 0.33 and a debt-to-equity ratio of 0.41.

Progressive (NYSE:PGR) last released its earnings results on Friday, October 13th. The insurance provider reported $2.09 earnings per share for the quarter, topping the consensus estimate of $1.71 by $0.38. Progressive had a return on equity of 17.36% and a net margin of 4.67%. The firm had revenue of $15.71 billion for the quarter, compared to the consensus estimate of $15.66 billion. On average, research analysts predict that The Progressive Co. will post 5.33 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Stuart B. Burgdoerfer sold 6,720 shares of the stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $155.30, for a total transaction of $1,043,616.00. Following the transaction, the director now directly owns 14,039 shares in the company, valued at $2,180,256.70. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CFO John P. Sauerland sold 12,000 shares of the firm’s stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $130.46, for a total value of $1,565,520.00. Following the transaction, the chief financial officer now directly owns 297,507 shares in the company, valued at approximately $38,812,763.22. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Stuart B. Burgdoerfer sold 6,720 shares of the firm’s stock in a transaction dated Tuesday, October 24th. The stock was sold at an average price of $155.30, for a total value of $1,043,616.00. Following the completion of the transaction, the director now owns 14,039 shares in the company, valued at $2,180,256.70. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 69,021 shares of company stock worth $9,594,007. 0.34% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms have recently issued reports on PGR. Jefferies Financial Group boosted their target price on Progressive from $163.00 to $167.00 in a report on Friday, October 6th. Piper Sandler raised Progressive from a “neutral” rating to an “overweight” rating and set a $186.00 price objective on the stock in a report on Friday, October 13th. Citigroup raised Progressive from a “sell” rating to a “neutral” rating and upped their price objective for the stock from $120.00 to $158.00 in a report on Tuesday, October 17th. Barclays upped their price objective on Progressive from $107.00 to $109.00 and gave the stock an “underweight” rating in a report on Thursday, August 17th. Finally, Oppenheimer began coverage on Progressive in a report on Thursday. They set a “market perform” rating on the stock. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and ten have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $159.53.

About Progressive

The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.