Carret Asset Management LLC Has $6.74 Million Holdings in The Progressive Corporation (NYSE:PGR)

Carret Asset Management LLC increased its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 5.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,800 shares of the insurance provider's stock after purchasing an additional 1,300 shares during the period. Carret Asset Management LLC's holdings in Progressive were worth $6,736,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Highline Wealth Partners LLC lifted its holdings 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 worth $26,000 after acquiring an additional 49 shares during the period. Minot DeBlois Advisors LLC acquired a new position in shares of Progressive in the 4th quarter worth approximately $28,000. Atala Financial Inc bought a new position in shares of Progressive during the 4th quarter worth approximately $32,000. Global Wealth Strategies & Associates boosted its stake in Progressive by 119.0% in 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 in the last quarter. Finally, Rialto Wealth Management LLC bought a new stake in Progressive in the fourth quarter valued at $43,000. 85.34% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on PGR. UBS Group lifted their price objective on Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. Wells Fargo & Company lifted their price objective on Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. BMO Capital Markets boosted their price objective on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. 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 research report on Monday, April 28th. Finally, Roth Mkm lifted their price target 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. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $288.59.

Progressive Stock Down 2.1%

PGR opened at $260.31 on Friday. The Progressive Corporation has a fifty-two week low of $204.88 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The company's 50-day moving average is $275.63 and its 200 day moving average is $264.45. The firm has a market capitalization of $152.60 billion, a P/E ratio of 17.55, a PEG ratio of 1.63 and a beta of 0.40.

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

Insider Buying and Selling

In related news, insider Steven Broz sold 1,267 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total transaction of $351,985.27. Following the transaction, the insider now directly owns 28,888 shares in the company, valued at $8,025,375.28. This trade represents a 4.20% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $268.59, for a total value of $2,685,900.00. Following the transaction, the chief financial officer now owns 248,024 shares of the company's stock, valued at approximately $66,616,766.16. This represents a 3.88% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,157 shares of company stock worth $9,352,400 over the last ninety days. 0.34% of the stock is owned by corporate insiders.

Progressive Company Profile

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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