Overbrook Management Corp Purchases New Holdings in The Progressive Corporation (NYSE:PGR)

Overbrook Management Corp purchased a new stake in shares of The Progressive Corporation (NYSE:PGR - Free Report) in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm purchased 62,133 shares of the insurance provider's stock, valued at approximately $17,584,000. Progressive comprises 4.1% of Overbrook Management Corp's portfolio, making the stock its 9th biggest position.

A number of other institutional investors and hedge funds also recently modified their holdings of PGR. Highline Wealth Partners LLC increased its position in 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 during the last quarter. Minot DeBlois Advisors LLC purchased a new stake in Progressive in the fourth quarter worth $28,000. HWG Holdings LP purchased a new stake in Progressive in the first quarter worth $28,000. Atala Financial Inc purchased a new stake in Progressive in the fourth quarter worth $32,000. Finally, Garde Capital Inc. purchased a new stake in Progressive in the first quarter worth $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, Director Stuart B. Burgdoerfer sold 3,681 shares of the company's stock in a transaction dated Friday, June 20th. The shares were 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 owns 12,217 shares of the company's stock, valued at approximately $3,181,673.31. This represents a 23.15% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,267 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the sale, the insider now directly owns 28,888 shares of the company's stock, valued at approximately $8,025,375.28. This represents a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,705 shares of company stock worth $8,813,048 in the last 90 days. Insiders own 0.34% of the company's stock.

Progressive Trading Up 0.9%

Shares of Progressive stock opened at $263.85 on Friday. The firm has a 50-day simple moving average of $274.46 and a two-hundred day simple moving average of $264.76. The company has a market cap of $154.68 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 1.61 and a beta of 0.40. The Progressive Corporation has a fifty-two week low of $207.48 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

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 the consensus estimate of $21.87 billion. As a group, equities analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently weighed in on PGR. Wells Fargo & Company lifted their price target 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 lifted their price target on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. UBS Group lifted their price objective on Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Finally, Wall Street Zen raised Progressive from a "hold" rating to a "buy" rating in a research note on Saturday, June 21st. 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, Progressive presently has an average rating of "Moderate Buy" and an average price target of $288.88.

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.

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