Golden State Wealth Management LLC Purchases 1,402 Shares of The Progressive Corporation (NYSE:PGR)

Golden State Wealth Management LLC increased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 282.7% in the 1st quarter, according to its most recent filing with the SEC. The fund owned 1,898 shares of the insurance provider's stock after purchasing an additional 1,402 shares during the period. Golden State Wealth Management LLC's holdings in Progressive were worth $538,000 at the end of the most recent reporting period.

Other large investors have also made changes to their positions in the company. Integrated Advisors Network LLC lifted its holdings in shares of Progressive by 1.0% during the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock worth $1,078,000 after buying an additional 36 shares during the last quarter. Pines Wealth Management LLC raised its stake in Progressive by 3.0% during the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after purchasing an additional 37 shares during the last quarter. Contravisory Investment Management Inc. boosted its holdings in Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after purchasing an additional 38 shares during the period. Beacon Financial Group grew its position in Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after purchasing an additional 39 shares during the last quarter. Finally, Kesler Norman & Wride LLC increased its holdings in shares of Progressive by 1.1% during the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock worth $885,000 after purchasing an additional 40 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Activity

In other Progressive news, 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 directly owns 248,024 shares in the company, valued at approximately $66,616,766.16. This represents a 3.88% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of Progressive stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the sale, the director now owns 12,217 shares of the company's stock, valued at approximately $3,181,673.31. This represents a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 32,705 shares of company stock valued at $8,813,048 over the last three months. 0.34% of the stock is owned by insiders.

Analyst Ratings Changes

Several research firms recently weighed in on PGR. Jefferies Financial Group decreased their target price on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Barclays raised their price objective on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a research report on Monday, April 28th. UBS Group raised their target price on Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and a consensus price target of $288.88.

Progressive Stock Performance

Shares of NYSE:PGR opened at $261.80 on Friday. The business has a fifty day moving average of $274.49 and a 200-day moving average of $264.65. 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 Progressive Corporation has a twelve month low of $207.48 and a twelve month high of $292.99. The firm has a market cap of $153.47 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 1.60 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 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, equities research analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

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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