The Progressive Co. (NYSE:PGR) Shares Acquired by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC boosted its position in The Progressive Co. (NYSE:PGR - Free Report) by 16.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 6,852 shares of the insurance provider's stock after purchasing an additional 956 shares during the quarter. Sagespring Wealth Partners LLC's holdings in Progressive were worth $1,939,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the company. Adero Partners LLC bought a new stake in shares of Progressive during the first quarter valued at approximately $222,000. Sowell Financial Services LLC acquired a new stake in Progressive in the 1st quarter valued at approximately $1,362,000. Montecito Bank & Trust bought a new stake in Progressive during the 1st quarter valued at $236,000. Janney Montgomery Scott LLC boosted its position in Progressive by 16.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock worth $26,451,000 after acquiring an additional 13,231 shares during the period. Finally, Mission Wealth Management LP boosted its position in Progressive by 0.9% during the 1st quarter. Mission Wealth Management LP now owns 6,904 shares of the insurance provider's stock worth $1,954,000 after acquiring an additional 60 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the transaction, the chief financial officer now directly owns 238,024 shares of the company's stock, valued at approximately $65,544,668.88. The trade was a 4.03% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,267 shares of the stock in a transaction dated Friday, May 23rd. The stock was 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 directly owns 28,888 shares of the company's stock, valued at approximately $8,025,375.28. This represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,517 shares of company stock worth $9,451,821 over the last quarter. Corporate insiders own 0.34% of the company's stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent analyst reports. UBS Group lifted their price objective on shares of Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target on the stock in a research report on Monday, April 28th. Roth Mkm increased their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. BMO Capital Markets raised their price objective on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Finally, Barclays upped their target price on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. According to data from MarketBeat, Progressive has an average rating of "Moderate Buy" and an average price target of $288.59.

Progressive Trading Down 0.5%

NYSE:PGR opened at $266.46 on Tuesday. The stock has a fifty day simple moving average of $276.19 and a 200 day simple moving average of $264.50. The firm has a market capitalization of $156.20 billion, a price-to-earnings ratio of 18.50, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The Progressive Co. has a 1-year low of $204.62 and a 1-year high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Sell-side analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive Company 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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