Patton Fund Management Inc. Lowers Stock Position in The Progressive Corporation (NYSE:PGR)

Patton Fund Management Inc. decreased its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 22.8% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 13,617 shares of the insurance provider's stock after selling 4,024 shares during the period. Patton Fund Management Inc.'s holdings in Progressive were worth $3,854,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in PGR. Highline Wealth Partners LLC raised its position in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock valued at $26,000 after purchasing 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. Atala Financial Inc purchased a new stake in shares of Progressive in the 4th quarter worth about $32,000. Global Wealth Strategies & Associates grew its holdings in Progressive by 119.0% in the first quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock worth $39,000 after purchasing an additional 75 shares during the period. Finally, Rialto Wealth Management LLC bought a new position in Progressive during the 4th quarter valued at approximately $43,000. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on PGR. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a report on Monday, April 28th. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Roth Mkm increased 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. Finally, UBS Group raised their target price on shares of Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $288.59.

Progressive Trading Down 2.1%

Shares of Progressive stock traded down $5.46 on Wednesday, reaching $260.31. The company had a trading volume of 4,769,984 shares, compared to its average volume of 2,690,764. The firm's 50-day moving average price is $276.09 and its two-hundred day moving average price is $264.50. The Progressive Corporation has a 1 year low of $204.88 and a 1 year high of $292.99. The firm has a market cap of $152.60 billion, a price-to-earnings ratio of 17.55, a P/E/G ratio of 1.67 and a beta of 0.40. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. As a group, research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insider Activity at Progressive

In other Progressive news, CAO Carl G. Joyce sold 360 shares of the company's stock in a transaction on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares of the company's stock, valued at $180,891.35. This represents a 35.47% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following 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 disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,517 shares of company stock worth $9,451,821. Insiders own 0.34% of the company's stock.

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.