BNC Wealth Management LLC Makes New Investment in The Progressive Co. (NYSE:PGR)

BNC Wealth Management LLC bought a new stake in shares of The Progressive Co. (NYSE:PGR - Free Report) during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 7,246 shares of the insurance provider's stock, valued at approximately $2,051,000.

Other large investors have also recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock worth $12,795,262,000 after purchasing an additional 583,376 shares during the last quarter. Geode Capital Management LLC lifted its stake in Progressive by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock worth $3,498,363,000 after purchasing an additional 189,638 shares during the last quarter. Norges Bank bought a new stake in Progressive in the fourth quarter worth about $1,843,045,000. Northern Trust Corp lifted its stake in Progressive by 13.0% in the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after purchasing an additional 710,684 shares during the last quarter. Finally, Capital Research Global Investors lifted its stake in Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on PGR. BMO Capital Markets raised their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research report on Thursday, April 17th. Roth Mkm raised their target price on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the stock an "overweight" rating in a research report on Monday, May 19th. Wells Fargo & Company raised their target price on shares of Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Finally, Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $288.59.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the completion of the transaction, the chief financial officer now directly owns 238,024 shares in the company, valued at $65,544,668.88. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CIO Jonathan S. Bauer sold 1,696 shares of the business's stock in a transaction on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $479,391.36. Following the transaction, the executive now owns 26,697 shares of the company's stock, valued at $7,546,174.02. This represents a 5.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,755 shares of company stock worth $10,367,074 over the last three months. Company insiders own 0.34% of the company's stock.

Progressive Stock Performance

Shares of PGR traded down $0.84 during trading hours on Friday, reaching $267.58. 3,152,193 shares of the company traded hands, compared to its average volume of 2,680,121. The stock has a market capitalization of $156.86 billion, a P/E ratio of 18.58, a P/E/G ratio of 1.70 and a beta of 0.40. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 12-month low of $203.39 and a 12-month high of $292.99. The business has a fifty day moving average price of $276.07 and a 200-day moving average price of $264.55.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The firm had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

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.