Envestnet Portfolio Solutions Inc. Sells 11,949 Shares of The Progressive Corporation (NYSE:PGR)

Envestnet Portfolio Solutions Inc. lowered its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 37.8% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 19,628 shares of the insurance provider's stock after selling 11,949 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in Progressive were worth $5,555,000 at the end of the most recent quarter.

A number of other large investors have also added to or reduced their stakes in PGR. Brighton Jones LLC grew its position in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after buying an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new stake in shares of Progressive during the 4th quarter valued at $269,000. Highview Capital Management LLC DE grew its position in shares of Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock valued at $2,645,000 after acquiring an additional 339 shares during the period. D.A. Davidson & CO. increased its stake in shares of 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 holdings in Progressive by 3.4% in the 4th quarter. Global Retirement Partners LLC now owns 3,175 shares of the insurance provider's stock worth $761,000 after purchasing an additional 105 shares during the period. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,267 shares of the company'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 sale, the insider now directly owns 28,888 shares in the company, valued at $8,025,375.28. This represents a 4.20% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the transaction, the chief financial officer now owns 248,024 shares in the company, valued at $66,616,766.16. The trade was a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,157 shares of company stock worth $9,352,400 over the last 90 days. 0.34% of the stock is owned by insiders.

Progressive Price Performance

NYSE PGR traded up $0.93 during trading on Friday, hitting $261.26. 8,877,642 shares of the stock traded hands, compared to its average volume of 2,711,173. 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 Progressive Corporation has a 12-month low of $204.88 and a 12-month high of $292.99. The firm has a 50-day simple moving average of $275.34 and a 200-day simple moving average of $264.47. The company has a market capitalization of $153.15 billion, a P/E ratio of 17.62, a price-to-earnings-growth ratio of 1.64 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts' consensus estimates 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 the consensus estimate of $21.87 billion. As a group, analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of recent research reports. BMO Capital Markets boosted their price objective on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Barclays upped their price target on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. 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. JPMorgan Chase & Co. lifted their target price on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research note on Tuesday, April 8th. Finally, Wells Fargo & Company upped their target price on shares of Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a report on Friday. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to MarketBeat.com, Progressive has an average rating of "Moderate Buy" and an average price target of $288.88.

Progressive 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.