Mirae Asset Global Investments Co. Ltd. Grows Stock Holdings in The Progressive Corporation (NYSE:PGR)

Mirae Asset Global Investments Co. Ltd. increased its stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 14.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 96,398 shares of the insurance provider's stock after purchasing an additional 11,947 shares during the period. Mirae Asset Global Investments Co. Ltd.'s holdings in Progressive were worth $26,882,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Jaffetilchin Investment Partners LLC bought a new stake in Progressive during the first quarter valued at approximately $247,000. Transcend Capital Advisors LLC purchased a new position in shares of Progressive during the 1st quarter worth $207,000. Park Place Capital Corp boosted its stake in shares of Progressive by 47.7% during the 1st quarter. Park Place Capital Corp now owns 8,587 shares of the insurance provider's stock worth $2,430,000 after acquiring an additional 2,774 shares during the last quarter. Alta Wealth Advisors LLC bought a new stake in shares of Progressive during the 1st quarter valued at $269,000. Finally, Beacon Financial Advisory LLC increased its stake in shares of Progressive by 6.7% in the 1st quarter. Beacon Financial Advisory LLC now owns 1,396 shares of the insurance provider's stock worth $395,000 after purchasing an additional 88 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of several analyst reports. Wells Fargo & Company lifted their target price on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. BMO Capital Markets increased 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. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an "overweight" rating in a research report on Monday, May 19th. Wall Street Zen upgraded shares of Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. Finally, UBS Group increased their price target on Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, Progressive currently has an average rating of "Moderate Buy" and a consensus target price of $288.88.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction dated Monday, April 28th. The shares were sold at an average price of $268.59, for a total value of $2,685,900.00. Following the completion of the sale, the chief financial officer now directly owns 248,024 shares of the company's stock, valued at $66,616,766.16. This represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the company's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the completion of the sale, the director now directly owns 12,217 shares of the company's stock, valued at approximately $3,181,673.31. This trade represents a 23.15% decrease in their ownership of the stock. 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. 0.34% of the stock is currently owned by company insiders.

Progressive Trading Up 0.9%

PGR stock 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 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 price-to-earnings-growth ratio of 1.62 and a beta of 0.40. The firm's fifty day simple moving average is $274.46 and its two-hundred day simple moving average is $264.91.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. As a group, analysts anticipate that The Progressive Corporation will post 14.68 earnings per share 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.

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