Inscription Capital LLC Acquires New Shares in The Progressive Corporation (NYSE:PGR)

Inscription Capital LLC bought a new position in The Progressive Corporation (NYSE:PGR - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The firm bought 1,418 shares of the insurance provider's stock, valued at approximately $401,000.

Several other large investors have also added to or reduced their stakes in PGR. Integrated Advisors Network LLC raised its position in shares of Progressive by 1.0% in 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 in the last quarter. Pines Wealth Management LLC grew its position in Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after buying an additional 37 shares in the last quarter. Contravisory Investment Management Inc. increased its stake in Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after acquiring an additional 38 shares during the last quarter. Beacon Financial Group increased its stake 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 acquiring an additional 39 shares during the last quarter. Finally, Kesler Norman & Wride LLC raised its holdings in shares of Progressive by 1.1% in the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after acquiring an additional 40 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Analysts Set New Price Targets

Several research analysts have recently commented on the company. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. Barclays lifted their target price 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. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an "overweight" rating in a report on Monday, May 19th. Finally, Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective for the company in a report on Monday, April 28th. Eight equities research 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 company currently has a consensus rating of "Moderate Buy" and an average price target of $288.59.

Insider Transactions at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the sale, the chief financial officer now directly owns 258,024 shares of the company's stock, valued at approximately $71,199,142.56. The trade was a 3.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Carl G. Joyce sold 360 shares of the company's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares in the company, valued at $180,891.35. This trade represents a 35.47% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 34,517 shares of company stock worth $9,451,821. 0.33% of the stock is currently owned by insiders.

Progressive Stock Performance

NYSE PGR opened at $265.55 on Wednesday. The Progressive Corporation has a 12-month low of $204.88 and a 12-month high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a 50-day simple moving average of $276.09 and a two-hundred day simple moving average of $264.50. The firm has a market cap of $155.67 billion, a price-to-earnings ratio of 17.91, a PEG ratio of 1.68 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, topping the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The company had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. On average, equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

About Progressive

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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