Perpetual Ltd Reduces Stock Position in The Progressive Corporation (NYSE:PGR)

Perpetual Ltd decreased its position in The Progressive Corporation (NYSE:PGR - Free Report) by 7.5% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 320,647 shares of the insurance provider's stock after selling 25,830 shares during the quarter. Progressive makes up 1.1% of Perpetual Ltd's investment portfolio, making the stock its 28th largest position. Perpetual Ltd owned 0.05% of Progressive worth $90,746,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PGR. PDS Planning Inc increased its holdings in Progressive by 6.0% during the 1st quarter. PDS Planning Inc now owns 3,183 shares of the insurance provider's stock valued at $901,000 after purchasing an additional 180 shares during the period. Bank of Stockton grew its position in shares of Progressive by 1.5% in the 1st quarter. Bank of Stockton now owns 9,677 shares of the insurance provider's stock worth $2,739,000 after buying an additional 141 shares during the last quarter. GenTrust LLC grew its position in shares of Progressive by 3.5% in the 1st quarter. GenTrust LLC now owns 1,234 shares of the insurance provider's stock worth $349,000 after buying an additional 42 shares during the last quarter. KG&L Capital Management LLC increased its stake in shares of Progressive by 8.9% during the first quarter. KG&L Capital Management LLC now owns 2,417 shares of the insurance provider's stock valued at $684,000 after buying an additional 198 shares during the period. Finally, Goldstein Advisors LLC raised its holdings in shares of Progressive by 5.1% during the first quarter. Goldstein Advisors LLC now owns 1,157 shares of the insurance provider's stock valued at $327,000 after acquiring an additional 56 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Transactions at Progressive

In related news, Director Dyke Kahina Van sold 2,490 shares of Progressive stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the sale, the director now directly owns 12,429 shares in the company, valued at approximately $3,451,160.43. This trade represents a 16.69% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider John Jo Murphy sold 4,000 shares of the business's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $1,041,520.00. Following the completion of the transaction, the insider now directly owns 41,289 shares of the company's stock, valued at approximately $10,750,829.82. This trade represents a 8.83% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 32,705 shares of company stock worth $8,813,048. Corporate insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

PGR has been the topic of several recent analyst reports. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $288.00 price target on shares of Progressive in a report on Thursday, April 17th. Barclays boosted their price target on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research report on Friday, April 11th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an "overweight" rating in a research note on Monday, May 19th. Wall Street Zen raised Progressive from a "hold" rating to a "buy" rating in a research report on Saturday, June 21st. Finally, Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a research report on Monday, April 28th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $288.88.

Progressive Trading Up 0.8%

NYSE PGR opened at $261.80 on Friday. The Progressive Corporation has a 12 month low of $207.48 and a 12 month high of $292.99. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The stock's fifty day moving average price is $274.49 and its 200-day moving average price is $264.65. The stock has a market cap of $153.47 billion, a P/E ratio of 17.65, a P/E/G ratio of 1.60 and a beta of 0.40.

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

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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