Gateway Investment Advisers LLC Reduces Stock Position in The Progressive Co. (NYSE:PGR)

Gateway Investment Advisers LLC lowered its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 25.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,588 shares of the insurance provider's stock after selling 1,566 shares during the period. Gateway Investment Advisers LLC's holdings in Progressive were worth $1,298,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently made changes to their positions in PGR. KFG Wealth Management LLC raised its stake in Progressive by 6.2% during the 1st quarter. KFG Wealth Management LLC now owns 1,369 shares of the insurance provider's stock worth $387,000 after buying an additional 80 shares during the period. Pines Wealth Management LLC grew its stake in Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after acquiring an additional 37 shares during the period. SeaCrest Wealth Management LLC bought a new stake in shares of Progressive during the first quarter valued at approximately $204,000. Procyon Advisors LLC raised its position in shares of Progressive by 13.5% during the first quarter. Procyon Advisors LLC now owns 5,734 shares of the insurance provider's stock worth $1,623,000 after purchasing an additional 681 shares during the period. Finally, Unique Wealth LLC raised its position in shares of Progressive by 3.3% during the first quarter. Unique Wealth LLC now owns 1,372 shares of the insurance provider's stock worth $388,000 after purchasing an additional 44 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $275.94, for a total value of $2,759,400.00. Following the sale, the chief financial officer now directly owns 258,024 shares in the company, valued at approximately $71,199,142.56. The trade was a 3.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CIO Jonathan S. Bauer sold 1,696 shares of the stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $479,391.36. Following the transaction, the executive now owns 26,697 shares of the company's stock, valued at $7,546,174.02. This represents a 5.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,755 shares of company stock valued at $10,367,074 in the last three months. Company insiders own 0.34% of the company's stock.

Progressive Stock Performance

Shares of Progressive stock traded down $8.08 during trading hours on Monday, hitting $271.24. 5,885,541 shares of the company's stock traded hands, compared to its average volume of 2,669,121. The stock has a market capitalization of $159.01 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 1.70 and a beta of 0.40. The Progressive Co. has a 12-month low of $201.34 and a 12-month high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The company has a fifty day simple moving average of $276.19 and a 200-day simple moving average of $264.50.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities research analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Analyst Ratings Changes

Several analysts recently issued reports on PGR shares. Roth Mkm lifted their price target 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. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a research note on Monday, April 28th. Jefferies Financial Group reduced their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a report on Friday, April 11th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. Finally, Barclays raised their price target on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research report on Friday, April 11th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $288.59.

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.