The Progressive Corporation (NYSE:PGR) Shares Sold by Beverly Hills Private Wealth LLC

Beverly Hills Private Wealth LLC cut its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 9.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,914 shares of the insurance provider's stock after selling 1,157 shares during the period. Beverly Hills Private Wealth LLC's holdings in Progressive were worth $3,089,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Highline Wealth Partners LLC grew its holdings in shares of Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the last quarter. Minot DeBlois Advisors LLC bought a new position in shares of Progressive in the fourth quarter worth about $28,000. HWG Holdings LP bought a new position in shares of Progressive in the first quarter worth about $28,000. Atala Financial Inc bought a new position in shares of Progressive in the fourth quarter worth about $32,000. Finally, Garde Capital Inc. bought a new position in shares of Progressive in the first quarter worth about $33,000. 85.34% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have issued reports on the stock. Morgan Stanley cut shares of Progressive from an "overweight" rating to an "equal weight" rating and dropped their target price for the stock from $330.00 to $290.00 in a report on Monday. Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price on the stock in a report on Monday, April 28th. JPMorgan Chase & Co. increased their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. 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 report on Thursday, April 17th. Finally, Jefferies Financial Group dropped their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a report on Friday, April 11th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Progressive currently has a consensus rating of "Moderate Buy" and an average target price of $285.29.

Progressive Stock Performance

Shares of Progressive stock traded down $1.10 during midday trading on Wednesday, hitting $250.55. The company had a trading volume of 1,203,331 shares, compared to its average volume of 2,791,923. The stock has a market cap of $146.88 billion, a price-to-earnings ratio of 16.90, a PEG ratio of 1.56 and a beta of 0.37. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a fifty day simple moving average of $273.46 and a 200 day simple moving average of $265.61. The Progressive Corporation has a 12-month low of $207.50 and a 12-month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced 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 analyst estimates of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. As a group, analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a dividend, which will be paid on Friday, July 11th. Shareholders of record on Friday, July 4th will be given a dividend of $0.10 per share. This represents a yield of 0.15%. The ex-dividend date of this dividend is Thursday, July 3rd. Progressive's dividend payout ratio is presently 2.70%.

Insider Activity at Progressive

In other Progressive news, insider John Jo Murphy sold 4,000 shares of the firm's 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 $1,041,520.00. Following the completion of the transaction, the insider directly owned 41,289 shares of the company's stock, valued at approximately $10,750,829.82. This trade represents a 8.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred 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 transaction, the chief financial officer directly owned 238,024 shares of the company's stock, valued at approximately $65,544,668.88. This trade represents a 4.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock worth $11,450,948 in the last ninety days. 0.34% of the stock is owned by company 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.