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Bridges Investment Management Inc. Has $114.95 Million Position in The Progressive Corporation (NYSE:PGR)

Progressive logo with Finance background

Bridges Investment Management Inc. cut its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 1.6% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 406,177 shares of the insurance provider's stock after selling 6,595 shares during the period. Progressive makes up approximately 1.7% of Bridges Investment Management Inc.'s investment portfolio, making the stock its 17th largest holding. Bridges Investment Management Inc. owned 0.07% of Progressive worth $114,952,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC lifted 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 valued at $26,000 after purchasing an additional 49 shares in the last quarter. Minot DeBlois Advisors LLC bought a new stake in Progressive during the fourth quarter worth about $28,000. HWG Holdings LP bought a new stake in Progressive during the first quarter worth about $28,000. Atala Financial Inc bought a new stake in Progressive during the fourth quarter worth about $32,000. Finally, Garde Capital Inc. bought a new stake in Progressive during the first quarter worth about $33,000. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several analysts recently issued reports on PGR shares. JPMorgan Chase & Co. upped their target price on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. UBS Group lowered their price target on Progressive from $291.00 to $280.00 and set a "neutral" rating on the stock in a research report on Wednesday. BMO Capital Markets boosted their price target on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research report on Thursday, April 17th. Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target on the stock in a research report on Monday, April 28th. Finally, Morgan Stanley downgraded Progressive from an "overweight" rating to an "equal weight" rating and lowered their price target for the stock from $330.00 to $290.00 in a research report on Monday, July 7th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, Progressive currently has an average rating of "Moderate Buy" and a consensus price target of $285.41.

View Our Latest Stock Report on PGR

Insider Buying and Selling

In other news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total value of $2,753,700.00. Following the completion of the transaction, the chief financial officer directly owned 238,024 shares in the company, valued at approximately $65,544,668.88. This represents a 4.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider John Jo Murphy sold 4,000 shares of the stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider owned 41,289 shares of the company's stock, valued at $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 42,705 shares of company stock worth $11,450,948 in the last ninety days. Insiders own 0.34% of the company's stock.

Progressive Price Performance

Shares of PGR stock traded down $4.61 during trading on Friday, hitting $244.77. The company had a trading volume of 3,182,460 shares, compared to its average volume of 2,810,532. The stock's 50-day moving average price is $271.50 and its 200 day moving average price is $265.58. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a one year low of $208.13 and a one year high of $292.99. The firm has a market capitalization of $143.49 billion, a P/E ratio of 16.51, a price-to-earnings-growth ratio of 1.57 and a beta of 0.37.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The firm had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. Equities analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

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

About Progressive

(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.

Further Reading

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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