Amalgamated Bank Buys 1,897 Shares of The Progressive Corporation (NYSE:PGR)

Amalgamated Bank grew its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 1.5% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 128,971 shares of the insurance provider's stock after purchasing an additional 1,897 shares during the quarter. Amalgamated Bank's holdings in Progressive were worth $36,500,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently made changes to their positions in PGR. State of Alaska Department of Revenue raised its position in Progressive by 2.7% during the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after acquiring an additional 1,800 shares in the last quarter. QRG Capital Management Inc. increased its stake in shares of Progressive by 36.4% during the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock worth $35,893,000 after purchasing an additional 33,864 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its holdings in shares of Progressive by 498.5% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock valued at $1,431,000 after purchasing an additional 4,212 shares during the period. Hennessy Advisors Inc. acquired a new stake in Progressive in the 1st quarter valued at about $3,141,000. Finally, Janney Montgomery Scott LLC grew its holdings in Progressive by 16.5% during the first quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock worth $26,451,000 after purchasing an additional 13,231 shares during the period. Institutional investors own 85.34% of the company's stock.

Analysts Set New Price Targets

PGR has been the topic of several research analyst reports. Wells Fargo & Company upped their price objective on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday, June 20th. UBS Group raised their price target on Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. BMO Capital Markets upped their price objective on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Morgan Stanley set a $330.00 price objective on shares of Progressive and gave the company an "overweight" rating in a research report on Monday, May 19th. Finally, Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a report on Monday, April 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $288.88.

Progressive Stock Up 0.9%

Shares of PGR opened at $263.85 on Monday. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12 month low of $207.48 and a 12 month high of $292.99. The firm's 50 day moving average is $274.46 and its 200-day moving average is $265.06. The stock has a market capitalization of $154.68 billion, a PE ratio of 17.79, a P/E/G ratio of 1.62 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion for 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%. Equities research analysts forecast 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 stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the sale, the insider now owns 27,621 shares in the company, valued at approximately $7,191,955.98. This trade represents a 4.39% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the sale, the director now owns 12,429 shares of the company's stock, valued at $3,451,160.43. The trade was a 16.69% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 32,705 shares of company stock valued at $8,813,048. 0.34% of the stock is 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.

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