Harrell Investment Partners LLC Takes Position in The Progressive Corporation (NYSE:PGR)

Harrell Investment Partners LLC bought a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to its most recent filing with the SEC. The firm bought 2,584 shares of the insurance provider's stock, valued at approximately $731,000.

Other institutional investors also recently bought and sold shares of the company. Highline Wealth Partners LLC boosted its stake in Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new stake in Progressive in the 4th quarter worth approximately $28,000. Atala Financial Inc acquired a new stake in Progressive in the 4th quarter worth approximately $32,000. Global Wealth Strategies & Associates boosted its stake in Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock worth $39,000 after purchasing an additional 75 shares in the last quarter. Finally, Rialto Wealth Management LLC acquired a new stake in Progressive in the 4th quarter worth approximately $43,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently commented on PGR. Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a research note on Monday, April 28th. Morgan Stanley set a $330.00 price objective on shares of Progressive and gave the company an "overweight" rating in a research note on Monday, May 19th. UBS Group lifted their price objective on shares of Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and set a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

Progressive Stock Performance

PGR opened at $260.31 on Thursday. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a fifty day moving average price of $275.88 and a 200 day moving average price of $264.47. The Progressive Corporation has a 1 year low of $204.88 and a 1 year high of $292.99. The stock has a market cap of $152.60 billion, a P/E ratio of 17.55, a P/E/G ratio of 1.67 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 earnings per share (EPS) for the quarter, beating the consensus estimate 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 during the quarter, compared to analysts' expectations of $21.87 billion. Equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Insider Buying and Selling

In related news, CAO Carl G. Joyce sold 360 shares of the business's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now owns 655 shares of the company's stock, valued at approximately $180,891.35. The trade was a 35.47% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Monday, April 28th. The stock was sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the completion of the sale, the chief financial officer now directly owns 248,024 shares of the company's stock, valued at approximately $66,616,766.16. The trade was a 3.88% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 34,517 shares of company stock valued at $9,451,821. 0.34% of the stock is owned by corporate insiders.

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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