The Progressive Co. (NYSE:PGR) Holdings Decreased by Ipswich Investment Management Co. Inc.

Ipswich Investment Management Co. Inc. reduced its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 3.6% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 34,834 shares of the insurance provider's stock after selling 1,298 shares during the period. Progressive accounts for approximately 2.4% of Ipswich Investment Management Co. Inc.'s investment portfolio, making the stock its 7th biggest position. Ipswich Investment Management Co. Inc.'s holdings in Progressive were worth $9,858,000 as of its most recent SEC filing.

Several other hedge funds have also recently made changes to their positions in PGR. Minot DeBlois Advisors LLC bought a new stake in Progressive in the 4th quarter valued at about $28,000. Atala Financial Inc bought a new stake in Progressive in the 4th quarter valued at about $32,000. Global Wealth Strategies & Associates increased its position in Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock valued at $39,000 after buying an additional 75 shares in the last quarter. Rialto Wealth Management LLC bought a new stake in Progressive in the 4th quarter valued at about $43,000. Finally, Roxbury Financial LLC bought a new stake in Progressive in the 4th quarter valued at about $50,000. 85.34% of the stock is owned by institutional investors.

Insider Transactions at Progressive

In other news, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction on Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the sale, the chief accounting officer now directly owns 655 shares in the company, valued at approximately $180,891.35. This trade represents a 35.47% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total value of $2,753,700.00. Following the sale, the chief financial officer now owns 238,024 shares of the company's stock, valued at approximately $65,544,668.88. This trade represents a 4.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,755 shares of company stock worth $10,367,074. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

PGR traded down $0.84 during trading on Friday, reaching $267.58. 3,152,193 shares of the company traded hands, compared to its average volume of 2,679,221. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a 12-month low of $204.62 and a 12-month high of $292.99. The firm has a fifty day simple moving average of $276.07 and a 200 day simple moving average of $264.53. The company has a market cap of $156.86 billion, a P/E ratio of 18.58, a PEG ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. On average, equities analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on PGR shares. Barclays boosted their target price on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Friday, April 11th. Jefferies Financial Group dropped their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Roth Mkm boosted their target price on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Finally, BMO Capital Markets lifted their target price 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. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

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.