Connective Portfolio Management LLC Reduces Stock Position in The Progressive Corporation (NYSE:PGR)

Connective Portfolio Management LLC reduced its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 56.3% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 2,500 shares of the insurance provider's stock after selling 3,220 shares during the quarter. Progressive comprises 2.4% of Connective Portfolio Management LLC's investment portfolio, making the stock its 20th biggest position. Connective Portfolio Management LLC's holdings in Progressive were worth $708,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of PGR. Brighton Jones LLC lifted its stake in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in Progressive in the 4th quarter worth approximately $269,000. Highview Capital Management LLC DE lifted its stake in Progressive by 3.2% in the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after purchasing an additional 339 shares in the last quarter. D.A. Davidson & CO. lifted its stake in Progressive by 0.8% in the 4th quarter. D.A. Davidson & CO. now owns 17,741 shares of the insurance provider's stock worth $4,251,000 after purchasing an additional 149 shares in the last quarter. Finally, Global Retirement Partners LLC raised its position in shares of Progressive by 3.4% during the 4th quarter. Global Retirement Partners LLC now owns 3,175 shares of the insurance provider's stock valued at $761,000 after buying an additional 105 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Up 0.4%

NYSE:PGR opened at $261.26 on Friday. The company has a 50-day moving average price of $275.34 and a 200-day moving average price of $264.44. The Progressive Corporation has a 12 month low of $204.88 and a 12 month high of $292.99. 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 stock has a market cap of $153.15 billion, a price-to-earnings ratio of 17.62, a P/E/G ratio of 1.63 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. The business had revenue of $22.21 billion during 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%. Equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Transactions at Progressive

In other Progressive news, Director Devin C. Johnson sold 400 shares of the company's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $275.04, for a total value of $110,016.00. Following the completion of the transaction, the director now directly owns 8,370 shares in the company, valued at $2,302,084.80. This represents a 4.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction 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 sale, the chief financial officer now directly owns 238,024 shares in the company, valued at approximately $65,544,668.88. The trade was a 4.03% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,157 shares of company stock worth $9,352,400 over the last three months. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

PGR has been the topic of several research reports. Wells Fargo & Company raised their price objective on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday. Roth Mkm raised their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. BMO Capital Markets raised their price objective on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Finally, UBS Group increased 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. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $288.88.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.