Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Cuts Stake in The Progressive Corporation (NYSE:PGR)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 55.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 20,167 shares of the insurance provider's stock after selling 24,939 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA's holdings in Progressive were worth $5,345,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Highline Wealth Partners LLC lifted its holdings 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 buying an additional 49 shares in the last quarter. HWG Holdings LP bought a new stake in Progressive in the 1st quarter valued at $28,000. Minot DeBlois Advisors LLC purchased a new stake in Progressive in the 4th quarter worth $28,000. Garde Capital Inc. purchased a new stake in Progressive in the 1st quarter worth $33,000. Finally, Atala Financial Inc bought a new position in shares of Progressive during the 4th quarter valued at about $32,000. 85.34% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of research analyst reports. JPMorgan Chase & Co. boosted their target price on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a report on Monday, April 28th. Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a report on Saturday, June 21st. BMO Capital Markets boosted their price target 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. Finally, Jefferies Financial Group lowered their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average target price of $288.88.

Progressive Stock Up 0.8%

Shares of NYSE PGR opened at $261.80 on Friday. The Progressive Corporation has a 1 year low of $207.48 and a 1 year high of $292.99. The firm has a 50-day simple moving average of $274.49 and a two-hundred day simple moving average of $264.65. The company has a market cap of $153.47 billion, a P/E ratio of 17.65, a PEG ratio of 1.60 and a beta of 0.40. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

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 33.50% and a net margin of 11.10%. The firm had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,267 shares of the firm's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $329,901.46. Following the transaction, the insider now directly owns 27,621 shares of the company's stock, valued at approximately $7,191,955.98. This trade represents a 4.39% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the transaction, the director now directly owns 12,429 shares in the company, valued at approximately $3,451,160.43. This trade represents a 16.69% 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 worth $8,813,048. 0.34% of the stock is currently owned by insiders.

Progressive 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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Corporation (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.