Legacy Advisors LLC Acquires 1,114 Shares of The Progressive Corporation (NYSE:PGR)

Legacy Advisors LLC lifted its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 20.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 6,448 shares of the insurance provider's stock after purchasing an additional 1,114 shares during the period. Legacy Advisors LLC's holdings in Progressive were worth $1,825,000 at the end of the most recent reporting period.

Other hedge funds also recently made changes to their positions in the company. Highline Wealth Partners LLC increased its position in shares of Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after acquiring an additional 49 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive in the fourth quarter worth approximately $28,000. HWG Holdings LP purchased a new position in shares of Progressive in the first quarter worth approximately $28,000. Atala Financial Inc purchased a new position in shares of Progressive in the fourth quarter worth approximately $32,000. Finally, Garde Capital Inc. purchased a new position in shares of Progressive in the first quarter worth approximately $33,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the stock an "overweight" rating in a research report on Monday, May 19th. Jefferies Financial Group lowered their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Roth Mkm boosted their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a research report on Monday, April 28th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Progressive presently has an average rating of "Moderate Buy" and an average target price of $288.88.

Progressive Stock Performance

Shares of Progressive stock traded down $0.34 on Tuesday, reaching $266.04. The stock had a trading volume of 3,515,310 shares, compared to its average volume of 2,714,808. The business's 50-day moving average price is $274.89 and its two-hundred day moving average price is $264.58. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a fifty-two week low of $204.88 and a fifty-two week high of $292.99. The stock has a market cap of $155.96 billion, a P/E ratio of 17.94, a price-to-earnings-growth ratio of 1.64 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The business had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. On average, sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Transactions at Progressive

In related news, insider Steven Broz sold 1,267 shares of the business's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the transaction, the insider now owns 28,888 shares of the company's stock, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available 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 transaction, the chief financial officer now directly owns 248,024 shares in the company, 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 three months, insiders sold 42,705 shares of company stock worth $11,572,448. 0.33% of the stock is owned by insiders.

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.