Advisor Resource Council purchased a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 1,602 shares of the insurance provider's stock, valued at approximately $453,000.
A number of other large investors have also recently bought and sold shares of the company. Highline Wealth Partners LLC grew its position in shares of Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after acquiring an additional 49 shares during the period. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive in the 4th quarter worth $28,000. Atala Financial Inc purchased a new position in Progressive during the fourth quarter worth about $32,000. Global Wealth Strategies & Associates raised its position in shares of Progressive by 119.0% during the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock valued at $39,000 after buying an additional 75 shares during the period. Finally, Rialto Wealth Management LLC purchased a new stake in Progressive in the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 85.34% of the company's stock.
Insider Buying and Selling at Progressive
In related news, Director Stuart B. Burgdoerfer sold 3,681 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the transaction, the director now directly owns 12,217 shares of the company's stock, valued at approximately $3,181,673.31. This trade represents a 23.15% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $277.81, for a total value of $351,985.27. Following the completion of the transaction, the insider now directly owns 28,888 shares in the company, valued at $8,025,375.28. This represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,705 shares of company stock worth $11,572,448. Corporate insiders own 0.34% of the company's stock.
Wall Street Analyst Weigh In
A number of research firms have commented on PGR. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target on the stock in a research note on Monday, April 28th. UBS Group upped their target price on shares of Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Morgan Stanley set a $330.00 price target on Progressive and gave the stock an "overweight" rating in a research note on Monday, May 19th. BMO Capital Markets raised their price objective 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. Finally, Barclays lifted their target price on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research note on Friday, April 11th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $288.88.
Check Out Our Latest Research Report on Progressive
Progressive Price Performance
PGR traded up $2.13 during trading on Thursday, reaching $261.80. 3,534,761 shares of the stock were exchanged, compared to its average volume of 2,720,495. The Progressive Corporation has a 1 year low of $207.48 and a 1 year high of $292.99. The company has a market capitalization of $153.47 billion, a price-to-earnings ratio of 17.65, a P/E/G ratio of 1.60 and a beta of 0.40. The business's 50 day moving average price is $274.49 and its two-hundred day moving average price is $264.65. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.
Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The business had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. As a group, equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.
Progressive Company Profile
(
Free Report)
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.
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