Silver Oak Securities Incorporated Acquires 1,062 Shares of The Progressive Corporation (NYSE:PGR)

Silver Oak Securities Incorporated raised its position in The Progressive Corporation (NYSE:PGR - Free Report) by 27.8% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,877 shares of the insurance provider's stock after purchasing an additional 1,062 shares during the quarter. Silver Oak Securities Incorporated's holdings in Progressive were worth $1,360,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of PGR. Norges Bank acquired a new stake in shares of Progressive in the 4th quarter valued at $1,843,045,000. GAMMA Investing LLC raised its holdings in Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock valued at $862,059,000 after buying an additional 3,038,303 shares in the last quarter. GQG Partners LLC lifted its position in shares of Progressive by 67.6% in the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock worth $1,239,143,000 after buying an additional 2,085,833 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Progressive during the 4th quarter worth about $408,416,000. Finally, Capital Research Global Investors increased its holdings in shares of Progressive by 34.3% during the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock valued at $1,451,602,000 after acquiring an additional 1,547,677 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other Progressive news, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total transaction of $351,985.27. Following the completion of the transaction, the insider now directly owns 28,888 shares of the company's stock, valued at approximately $8,025,375.28. This trade represents a 4.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction on Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the completion of the sale, the chief financial officer now owns 238,024 shares in the company, valued at $65,544,668.88. This represents a 4.03% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,157 shares of company stock valued at $9,352,400 over the last quarter. 0.34% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on PGR shares. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. Wells Fargo & Company raised their target price on shares of Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research note on Friday. Roth Mkm boosted their target price on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the company an "overweight" rating in a report on Monday, May 19th. Finally, JPMorgan Chase & Co. lifted their price objective on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research note on Tuesday, April 8th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Progressive presently has a consensus rating of "Moderate Buy" and an average price target of $288.88.

Progressive Stock Performance

Shares of PGR traded up $1.51 on Friday, reaching $261.84. 1,994,189 shares of the stock traded hands, compared to its average volume of 2,688,261. The stock's 50-day moving average price is $275.63 and its 200-day moving average price is $264.45. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The firm has a market cap of $153.50 billion, a price-to-earnings ratio of 17.67, a P/E/G ratio of 1.63 and a beta of 0.40. The Progressive Corporation has a 12 month low of $204.88 and a 12 month high of $292.99.

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 for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Equities analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

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.