Park Avenue Securities LLC Boosts Stake in The Progressive Co. (NYSE:PGR)

Park Avenue Securities LLC lifted its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 10.7% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 28,072 shares of the insurance provider's stock after buying an additional 2,708 shares during the quarter. Park Avenue Securities LLC's holdings in Progressive were worth $7,945,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently modified their holdings of the company. OLD National Bancorp IN increased its stake in Progressive by 18.5% in the first quarter. OLD National Bancorp IN now owns 2,005 shares of the insurance provider's stock valued at $567,000 after purchasing an additional 313 shares in the last quarter. SOA Wealth Advisors LLC. acquired a new stake in shares of Progressive in the 1st quarter valued at about $3,331,000. One Plus One Wealth Management LLC increased its position in Progressive by 16.3% in the 1st quarter. One Plus One Wealth Management LLC now owns 1,452 shares of the insurance provider's stock valued at $411,000 after buying an additional 203 shares in the last quarter. Miracle Mile Advisors LLC raised its stake in Progressive by 108.0% during the 1st quarter. Miracle Mile Advisors LLC now owns 1,745 shares of the insurance provider's stock worth $494,000 after buying an additional 906 shares during the period. Finally, Revolve Wealth Partners LLC boosted its holdings in Progressive by 7.0% in the first quarter. Revolve Wealth Partners LLC now owns 1,201 shares of the insurance provider's stock worth $340,000 after acquiring an additional 79 shares in the last quarter. Institutional investors own 85.34% of the company's stock.

Progressive Trading Up 1.9%

Shares of Progressive stock traded up $5.01 during trading on Thursday, reaching $268.23. The company's stock had a trading volume of 3,045,531 shares, compared to its average volume of 2,678,885. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The firm's 50-day moving average is $275.67 and its two-hundred day moving average is $264.53. The company has a market cap of $157.24 billion, a price-to-earnings ratio of 18.63, a PEG ratio of 1.70 and a beta of 0.40.

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on the company. JPMorgan Chase & Co. boosted their price objective on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a report on Tuesday, April 8th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price on the stock in a research report on Monday, April 28th. UBS Group boosted their price target on shares of Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Finally, Morgan Stanley set a $330.00 price objective on Progressive and gave the company an "overweight" rating in a report on Monday, May 19th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat, Progressive presently has a consensus rating of "Moderate Buy" and an average price target of $288.59.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 1,542 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $435,861.72. Following the transaction, the chief financial officer now owns 268,024 shares in the company, valued at approximately $75,759,663.84. This trade represents a 0.57% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of the stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the sale, the chief accounting officer now directly owns 655 shares of the company's stock, valued at $180,891.35. The trade was a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 37,755 shares of company stock worth $10,367,074 in the last ninety days. 0.34% of the stock is owned by company 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.