MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH Purchases 4,212 Shares of The Progressive Corporation (NYSE:PGR)

MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 498.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,057 shares of the insurance provider's stock after purchasing an additional 4,212 shares during the quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH's holdings in Progressive were worth $1,431,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently made changes to their positions in the stock. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive during the fourth quarter worth approximately $28,000. Atala Financial Inc purchased a new stake in Progressive in the fourth quarter worth about $32,000. Global Wealth Strategies & Associates lifted its position in Progressive by 119.0% during the first 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 during the period. Rialto Wealth Management LLC purchased a new position in Progressive during the 4th quarter valued at about $43,000. Finally, Roxbury Financial LLC purchased a new position in shares of Progressive during the fourth quarter valued at approximately $50,000. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the transaction, the chief financial officer now directly owns 238,024 shares in the company, valued at $65,544,668.88. This represents a 4.03% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 1,267 shares of the stock in a transaction that occurred 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 in the company, valued at approximately $8,025,375.28. This represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,517 shares of company stock worth $9,451,821 in the last quarter. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research analysts have issued reports on PGR shares. Roth Mkm lifted their target price on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a report on Tuesday, February 25th. Barclays increased their price target on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. Wells Fargo & Company lifted their price objective on Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. BMO Capital Markets upped their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. Finally, Jefferies Financial Group dropped their price target on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

Progressive Trading Down 2.1%

PGR traded down $5.46 on Thursday, hitting $260.31. The company had a trading volume of 4,769,984 shares, compared to its average volume of 2,690,765. The company has a market cap of $152.60 billion, a PE ratio of 17.55, a PEG ratio of 1.67 and a beta of 0.40. 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 business's fifty day simple moving average is $275.88 and its 200 day simple moving average is $264.47. The Progressive Corporation has a 12-month low of $204.88 and a 12-month high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS 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 firm had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. Equities research analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

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.