Mn Services Vermogensbeheer B.V. Cuts Position in The Progressive Co. (NYSE:PGR)

Mn Services Vermogensbeheer B.V. lessened its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 6.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 215,373 shares of the insurance provider's stock after selling 15,700 shares during the period. Mn Services Vermogensbeheer B.V.'s holdings in Progressive were worth $60,953,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also bought and sold shares of the stock. Tuttle Capital Management LLC raised its stake in Progressive by 4.3% in the first quarter. Tuttle Capital Management LLC now owns 2,230 shares of the insurance provider's stock valued at $631,000 after buying an additional 91 shares during the period. Optas LLC raised its stake in Progressive by 0.6% in the first quarter. Optas LLC now owns 11,511 shares of the insurance provider's stock valued at $3,258,000 after buying an additional 71 shares during the period. D Orazio & Associates Inc. raised its stake in Progressive by 3.6% in the first quarter. D Orazio & Associates Inc. now owns 1,460 shares of the insurance provider's stock valued at $413,000 after buying an additional 51 shares during the period. Brighton Jones LLC raised its stake in Progressive by 16.9% in the first quarter. Brighton Jones LLC now owns 3,965 shares of the insurance provider's stock valued at $1,122,000 after buying an additional 573 shares during the period. Finally, Pinion Investment Advisors LLC raised its stake in Progressive by 11.0% in the first quarter. Pinion Investment Advisors LLC now owns 2,744 shares of the insurance provider's stock valued at $777,000 after buying an additional 273 shares during the period. Institutional investors own 85.34% of the company's stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on the company. Jefferies Financial Group dropped their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. BMO Capital Markets increased their target price on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. JPMorgan Chase & Co. increased their price target on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Barclays increased their price target on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. Finally, Roth Mkm increased their price target on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Progressive has a consensus rating of "Moderate Buy" and a consensus price target of $288.59.

Progressive Trading Down 0.3%

Shares of PGR stock traded down $0.84 during mid-day trading on Friday, hitting $267.58. The company's stock had a trading volume of 3,152,193 shares, compared to its average volume of 2,679,221. The company's fifty day simple moving average is $276.07 and its 200-day simple moving average is $264.53. The Progressive Co. has a 52 week low of $204.62 and a 52 week high of $292.99. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The company has a market cap of $156.86 billion, a PE ratio of 18.58, a P/E/G ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last issued its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The business had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. As a group, equities research analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 1,542 shares of the business's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $435,861.72. Following the completion of the sale, the chief financial officer now directly owns 268,024 shares of the company's stock, valued at $75,759,663.84. The trade was a 0.57% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CIO Jonathan S. Bauer sold 1,696 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $479,391.36. Following the completion of the sale, the executive now directly owns 26,697 shares of the company's stock, valued at $7,546,174.02. The trade was a 5.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 37,755 shares of company stock valued at $10,367,074 in the last three months. Corporate insiders own 0.34% of the company's stock.

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.