Ibex Wealth Advisors Buys Shares of 12,483 The Progressive Co. (NYSE:PGR)

Ibex Wealth Advisors purchased a new stake in The Progressive Co. (NYSE:PGR - Free Report) during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 12,483 shares of the insurance provider's stock, valued at approximately $3,533,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Atlantic Edge Private Wealth Management LLC increased its holdings in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after purchasing an additional 41 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new position in Progressive in the 4th quarter worth about $28,000. Atala Financial Inc acquired a new position in Progressive in the 4th quarter worth about $32,000. Global Wealth Strategies & Associates increased its holdings 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 position in Progressive in the 4th quarter worth about $43,000. 85.34% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on PGR. Wells Fargo & Company upped their price target on shares of Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. UBS Group upped their price target on shares of Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. BMO Capital Markets upped their price target on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Roth Mkm increased their price target on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Finally, Jefferies Financial Group decreased their price target on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, Progressive presently has an average rating of "Moderate Buy" and a consensus price target of $288.59.

Progressive Trading Down 0.3%

NYSE PGR traded down $0.84 during trading hours on Friday, hitting $267.58. 3,152,193 shares of the company's stock were exchanged, compared to its average volume of 2,680,269. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The firm has a market cap of $156.86 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 1.70 and a beta of 0.40. The stock has a 50-day simple moving average of $275.93 and a 200 day simple moving average of $264.55. The Progressive Co. has a 1-year low of $203.39 and a 1-year high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 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 analysts' expectations of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, equities analysts forecast that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In related news, CIO Jonathan S. Bauer sold 1,696 shares of Progressive stock in a transaction that occurred on 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. The trade was a 5.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction that occurred 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 transaction, the chief accounting officer now directly owns 655 shares in the company, valued at approximately $180,891.35. The trade was a 35.47% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 37,755 shares of company stock valued at $10,367,074. Company insiders own 0.34% of the company's stock.

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.