Osprey Private Wealth LLC Boosts Holdings in The Progressive Co. (NYSE:PGR)

Osprey Private Wealth LLC boosted its stake in The Progressive Co. (NYSE:PGR - Free Report) by 12.4% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 18,675 shares of the insurance provider's stock after buying an additional 2,060 shares during the quarter. Progressive makes up 3.1% of Osprey Private Wealth LLC's investment portfolio, making the stock its 13th largest holding. Osprey Private Wealth LLC's holdings in Progressive were worth $5,285,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds have also bought and sold shares of PGR. Vanguard Group Inc. increased its holdings in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider's stock worth $12,795,262,000 after acquiring an additional 583,376 shares during the last quarter. Geode Capital Management LLC boosted its stake in Progressive by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider's stock worth $3,498,363,000 after purchasing an additional 189,638 shares during the period. Norges Bank bought a new position in Progressive in the 4th quarter worth about $1,843,045,000. Northern Trust Corp grew its holdings in shares of Progressive by 13.0% during the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider's stock worth $1,480,677,000 after purchasing an additional 710,684 shares in the last quarter. Finally, Capital Research Global Investors grew its holdings in shares of Progressive by 34.3% during 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 purchasing an additional 1,547,677 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Down 0.3%

Shares of NYSE:PGR traded down $0.84 on Friday, hitting $267.58. 3,152,193 shares of the company traded hands, compared to its average volume of 2,680,269. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 52 week low of $203.39 and a 52 week high of $292.99. The company has a market cap of $156.86 billion, a PE ratio of 18.58, a PEG ratio of 1.70 and a beta of 0.40. The stock has a 50 day simple moving average of $275.93 and a 200-day simple moving average of $264.55.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data 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 return on equity of 33.79% and a net margin of 11.25%. The company had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. As a group, research analysts expect that The Progressive Co. will post 14.68 earnings per share for the current year.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction dated 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 transaction, the chief financial officer now directly owns 258,024 shares of the company's stock, valued at approximately $71,199,142.56. This trade represents a 3.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CIO Jonathan S. Bauer sold 1,696 shares of the firm's stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $479,391.36. Following the completion of the transaction, the executive now directly owns 26,697 shares in the company, valued at $7,546,174.02. The trade was a 5.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock valued at $10,367,074 over the last ninety days. Insiders own 0.34% of the company's stock.

Wall Street Analyst Weigh In

Several brokerages have recently commented on PGR. Morgan Stanley set a $330.00 price objective on Progressive and gave the stock an "overweight" rating in a report on Monday, May 19th. Wall Street Zen lowered Progressive from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. Jefferies Financial Group cut their target price on Progressive from $327.00 to $319.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Roth Mkm boosted their price objective on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. Finally, Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

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.