Synergy Asset Management LLC Sells 1,844 Shares of The Progressive Corporation (NYSE:PGR)

Synergy Asset Management LLC reduced its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 52.1% in 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 1,697 shares of the insurance provider's stock after selling 1,844 shares during the period. Synergy Asset Management LLC's holdings in Progressive were worth $480,000 at the end of the most recent reporting period.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC raised its position in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC bought a new position in Progressive in the fourth quarter worth $269,000. Highview Capital Management LLC DE increased its stake in shares of Progressive by 3.2% in the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider's stock worth $2,645,000 after acquiring an additional 339 shares in the last quarter. Global Retirement Partners LLC increased its stake in shares of Progressive by 3.4% in the 4th quarter. Global Retirement Partners LLC now owns 3,175 shares of the insurance provider's stock worth $761,000 after acquiring an additional 105 shares in the last quarter. Finally, Concurrent Investment Advisors LLC increased its stake in shares of Progressive by 10.0% in the 4th quarter. Concurrent Investment Advisors LLC now owns 6,076 shares of the insurance provider's stock worth $1,456,000 after acquiring an additional 551 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, insider Steven Broz sold 1,267 shares of the business's stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the completion of the sale, the insider now directly owns 28,888 shares in the company, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the business's stock in a transaction that occurred 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 sale, the chief financial officer now owns 238,024 shares of the company's stock, valued at $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 quarter, insiders sold 34,157 shares of company stock valued at $9,352,400. Company insiders own 0.34% of the company's stock.

Progressive Price Performance

NYSE PGR opened at $261.26 on Friday. The Progressive Corporation has a one year low of $204.88 and a one year high of $292.99. The stock has a 50-day moving average of $275.34 and a 200 day moving average of $264.47. The company has a market capitalization of $153.16 billion, a price-to-earnings ratio of 17.62, a PEG ratio of 1.64 and a beta of 0.40. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS 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 during the quarter, compared to analyst estimates of $21.87 billion. On average, sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on PGR. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a research note on Monday, April 28th. BMO Capital Markets raised their price objective on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Keefe, Bruyette & Woods reaffirmed a "market perform" rating and set a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. Wall Street Zen raised Progressive from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, Morgan Stanley set a $330.00 price target on Progressive and gave the company an "overweight" rating in a report on Monday, May 19th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Moderate Buy" and an average target price of $288.88.

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.

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