Reinhart Partners LLC. Has $7.85 Million Position in The Progressive Co. (NYSE:PGR)

Reinhart Partners LLC. lowered its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 8.1% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 27,725 shares of the insurance provider's stock after selling 2,428 shares during the quarter. Reinhart Partners LLC.'s holdings in Progressive were worth $7,847,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently bought and sold shares of PGR. Vanguard Group Inc. grew its position in shares of Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock valued at $12,795,262,000 after purchasing an additional 583,376 shares during the period. Geode Capital Management LLC lifted its stake in shares of Progressive by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock worth $3,498,363,000 after acquiring an additional 189,638 shares in the last quarter. Norges Bank acquired a new position in shares of Progressive in the fourth quarter worth about $1,843,045,000. Northern Trust Corp lifted its stake in shares of Progressive by 13.0% in the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after acquiring an additional 710,684 shares in the last quarter. Finally, Capital Research Global Investors lifted its stake in shares of Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after acquiring an additional 1,547,677 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Stock Down 2.2%

Shares of NYSE PGR traded down $6.10 during mid-day trading on Tuesday, hitting $265.21. The company had a trading volume of 3,987,327 shares, compared to its average volume of 2,674,556. The company has a market capitalization of $155.47 billion, a PE ratio of 18.42, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The firm has a 50-day simple moving average of $275.55 and a two-hundred day simple moving average of $264.54. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The Progressive Co. has a one year low of $201.34 and a one year high of $292.99.

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 (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The company had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. On average, equities analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Friday, March 28th. The stock was sold at an average price of $275.94, for a total value of $2,759,400.00. Following the completion of the sale, the chief financial officer now directly owns 258,024 shares in the company, valued at $71,199,142.56. This represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,267 shares of the stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total value of $351,985.27. Following the completion of the sale, the insider now 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 disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,755 shares of company stock worth $10,367,074. Corporate insiders own 0.34% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Jefferies Financial Group cut their price target on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Morgan Stanley set a $330.00 price target on Progressive and gave the stock an "overweight" rating in a research note on Monday, May 19th. BMO Capital Markets boosted their price objective on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. Finally, 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. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. According to data from MarketBeat, Progressive currently has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

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.