QRG Capital Management Inc. Buys 33,864 Shares of The Progressive Co. (NYSE:PGR)

QRG Capital Management Inc. boosted its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 36.4% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 126,826 shares of the insurance provider's stock after purchasing an additional 33,864 shares during the quarter. QRG Capital Management Inc.'s holdings in Progressive were worth $35,893,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Integrated Advisors Network LLC raised its stake in Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after buying an additional 36 shares during the last quarter. Pines Wealth Management LLC raised its stake in Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock valued at $335,000 after buying an additional 37 shares during the last quarter. Contravisory Investment Management Inc. raised its stake in Progressive by 2.0% in the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock valued at $549,000 after buying an additional 38 shares during the last quarter. Beacon Financial Group raised its stake in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock valued at $1,036,000 after buying an additional 39 shares during the last quarter. Finally, Kesler Norman & Wride LLC raised its stake in Progressive by 1.1% in the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after buying an additional 40 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

PGR has been the subject of a number of research analyst reports. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. Roth Mkm increased their price target on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. BMO Capital Markets raised their price objective on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. Morgan Stanley set a $330.00 price objective on Progressive and gave the stock an "overweight" rating in a research note on Monday, May 19th. Finally, Keefe, Bruyette & Woods restated a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat, Progressive currently has a consensus rating of "Moderate Buy" and an average target price of $288.59.

Progressive Stock Down 0.3%

Progressive stock opened at $267.58 on Monday. The stock has a market capitalization of $156.86 billion, a PE ratio of 18.58, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The Progressive Co. has a 12 month low of $204.62 and a 12 month high of $292.99. The business has a 50 day simple moving average of $276.07 and a 200-day simple moving average of $264.51. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

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

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total value of $351,985.27. Following the sale, the insider now directly owns 28,888 shares of the company's stock, valued at $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Carl G. Joyce sold 360 shares of the business'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 directly owns 655 shares in the company, valued at $180,891.35. This trade represents a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 34,517 shares of company stock valued at $9,451,821 over the last ninety days. 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.

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