The Progressive Corporation (NYSE:PGR) Shares Acquired by GAMMA Investing LLC

GAMMA Investing LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 39.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 10,763 shares of the insurance provider's stock after acquiring an additional 3,029 shares during the quarter. GAMMA Investing LLC's holdings in Progressive were worth $3,046,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the business. Minot DeBlois Advisors LLC purchased a new stake in shares of Progressive during the 4th quarter worth approximately $28,000. Atala Financial Inc acquired a new position in Progressive in the fourth quarter valued at $32,000. Global Wealth Strategies & Associates grew its holdings in shares of Progressive by 119.0% during the first quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock worth $39,000 after purchasing an additional 75 shares during the last quarter. Rialto Wealth Management LLC acquired a new stake in shares of Progressive during the fourth quarter worth about $43,000. Finally, Mascagni Wealth Management Inc. purchased a new stake in shares of Progressive in the 4th quarter valued at about $54,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, 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 sale, the insider now owns 41,289 shares of the company's stock, valued at $10,750,829.82. This represents a 8.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the transaction, the insider now owns 28,888 shares in the company, valued at $8,025,375.28. The trade was a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,705 shares of company stock valued at $8,813,048 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

PGR stock traded up $2.23 during trading on Friday, hitting $263.85. The stock had a trading volume of 12,464,473 shares, compared to its average volume of 2,762,402. The stock has a market cap of $154.68 billion, a price-to-earnings ratio of 17.79, a price-to-earnings-growth ratio of 1.61 and a beta of 0.40. 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 company's 50 day moving average price is $274.46 and its two-hundred day moving average price is $264.76. The Progressive Corporation has a 1-year low of $207.48 and a 1-year high of $292.99.

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

Analyst Ratings Changes

Several research firms have recently weighed in on PGR. UBS Group increased 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. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a report on Monday, April 28th. Morgan Stanley set a $330.00 price target on Progressive and gave the stock an "overweight" rating in a report on Monday, May 19th. JPMorgan Chase & Co. lifted their target price on 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 price target on Progressive from $328.00 to $333.00 and gave the stock an "overweight" rating in a research note on Friday, June 20th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.