Good Steward Wealth Advisors LLC Takes Position in The Progressive Corporation (NYSE:PGR)

Good Steward Wealth Advisors LLC bought a new position in shares of The Progressive Corporation (NYSE:PGR - Free Report) during the 1st quarter, according to its most recent 13F filing with the SEC. The fund bought 2,015 shares of the insurance provider's stock, valued at approximately $570,000.

Other hedge funds also recently added to or reduced their stakes in the company. Avior Wealth Management LLC raised its position in shares of Progressive by 4.9% in the 1st quarter. Avior Wealth Management LLC now owns 3,337 shares of the insurance provider's stock valued at $944,000 after purchasing an additional 157 shares during the last quarter. Blue Trust Inc. increased its stake in Progressive by 28.6% during the 1st quarter. Blue Trust Inc. now owns 4,169 shares of the insurance provider's stock valued at $1,180,000 after purchasing an additional 928 shares in the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in shares of Progressive in the first quarter worth $200,000. Silver Oak Securities Incorporated lifted its stake in shares of Progressive by 27.8% during the first quarter. Silver Oak Securities Incorporated now owns 4,877 shares of the insurance provider's stock worth $1,360,000 after buying an additional 1,062 shares during the period. Finally, United Advisor Group LLC lifted its stake in shares of Progressive by 22.0% during the first quarter. United Advisor Group LLC now owns 7,216 shares of the insurance provider's stock worth $2,042,000 after buying an additional 1,299 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages have commented on PGR. JPMorgan Chase & Co. lifted their price target on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Wells Fargo & Company lifted their target price on Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price on the stock in a research report on Monday, April 28th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an "overweight" rating in a research report on Monday, May 19th. Finally, BMO Capital Markets upped their price objective on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. According to data from MarketBeat, Progressive has an average rating of "Moderate Buy" and a consensus price target of $288.59.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, March 28th. The shares were 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 owns 258,024 shares of the company's stock, valued at approximately $71,199,142.56. This trade represents a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Steven Broz sold 1,267 shares of the company's stock in a transaction 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 transaction, the insider now owns 28,888 shares of the company's stock, valued at $8,025,375.28. This represents a 4.20% 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 three months. 0.34% of the stock is currently owned by corporate insiders.

Progressive Trading Down 2.1%

Shares of Progressive stock opened at $260.31 on Friday. The firm has a 50-day simple moving average of $275.63 and a two-hundred day simple moving average of $264.45. 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 fifty-two week low of $204.88 and a fifty-two week high of $292.99. The company has a market cap of $152.60 billion, a P/E ratio of 17.55, a price-to-earnings-growth ratio of 1.63 and a beta of 0.40.

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

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.

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