KBC Group NV Raises Position in The Progressive Corporation (NYSE:PGR)

KBC Group NV lifted its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 484,231 shares of the insurance provider's stock after purchasing an additional 44,926 shares during the period. KBC Group NV owned 0.08% of Progressive worth $137,043,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Brighton Jones LLC boosted its holdings in Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock valued at $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in Progressive in the 4th quarter valued at $269,000. Highview Capital Management LLC DE boosted its holdings in Progressive by 3.2% in the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock valued at $2,645,000 after purchasing an additional 339 shares during the period. Oppenheimer & Co. Inc. boosted its holdings in Progressive by 85.7% in the 4th quarter. Oppenheimer & Co. Inc. now owns 14,953 shares of the insurance provider's stock valued at $3,583,000 after purchasing an additional 6,901 shares during the period. Finally, SVB Wealth LLC bought a new position in Progressive in the 4th quarter valued at $7,505,000. 85.34% of the stock is owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,267 shares of the stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the completion of 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the transaction, the chief financial officer now directly owns 248,024 shares of the company's stock, valued at $66,616,766.16. This trade represents a 3.88% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 32,705 shares of company stock valued at $8,813,048. Insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Wells Fargo & Company raised their price target on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a report on Friday, June 20th. BMO Capital Markets lifted their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research report on Thursday, April 17th. UBS Group boosted their price objective 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. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Finally, Jefferies Financial Group cut their target price on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Seven analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Progressive has a consensus rating of "Moderate Buy" and an average price target of $288.88.

Progressive Stock Up 0.9%

PGR opened at $263.85 on Friday. 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 firm has a 50 day moving average price of $274.46 and a 200-day moving average price of $264.91. The Progressive Corporation has a twelve month low of $207.48 and a twelve month high of $292.99. The stock has a market capitalization of $154.68 billion, a price-to-earnings ratio of 17.79, a PEG ratio of 1.62 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data 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. 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 forecast that The Progressive Corporation will post 14.68 earnings per share 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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