Simplicity Wealth LLC purchased a new position in The Progressive Co. (NYSE:PGR - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 1,907 shares of the insurance provider's stock, valued at approximately $540,000.
A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Minot DeBlois Advisors LLC purchased a new position in shares of Progressive during the 4th quarter valued at approximately $28,000. Atala Financial Inc bought a new stake in Progressive in the fourth quarter valued at $32,000. Global Wealth Strategies & Associates lifted its stake in Progressive by 119.0% in the first quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock valued at $39,000 after buying an additional 75 shares during the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Progressive during the fourth quarter valued at $43,000. Finally, Roxbury Financial LLC acquired a new position in shares of Progressive during the fourth quarter valued at $50,000. Hedge funds and other institutional investors own 85.34% of the company's stock.
Insider Buying and Selling
In other news, CAO Carl G. Joyce sold 360 shares of the company's stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the transaction, the chief accounting officer now directly owns 655 shares in the company, valued at $180,891.35. The trade was a 35.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total value of $2,753,700.00. Following the transaction, the chief financial officer now owns 238,024 shares of the company's stock, valued at approximately $65,544,668.88. This trade represents a 4.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,755 shares of company stock worth $10,367,074. 0.34% of the stock is currently owned by insiders.
Wall Street Analyst Weigh In
A number of research firms recently issued reports on PGR. Wells Fargo & Company lifted their target price on Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Jefferies Financial Group dropped 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. Keefe, Bruyette & Woods reissued a "market perform" rating and issued a $288.00 price target on shares of Progressive in a research note on Thursday, April 17th. Barclays lifted their price target on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Friday, April 11th. Finally, Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price on the stock in a research note on Monday, April 28th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $288.59.
Read Our Latest Stock Report on Progressive
Progressive Stock Down 0.3%
NYSE PGR traded down $0.84 during trading on Friday, reaching $267.58. The company's stock had a trading volume of 3,152,193 shares, compared to its average volume of 2,679,221. 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 stock has a market capitalization of $156.86 billion, a PE ratio of 18.58, a PEG ratio of 1.70 and a beta of 0.40. The business has a 50-day moving average price of $276.07 and a 200-day moving average price of $264.53. The Progressive Co. has a 1-year low of $204.62 and a 1-year high of $292.99.
Progressive (NYSE:PGR - Get Free Report) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.
Progressive Company Profile
(
Free Report)
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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