The Progressive Co. (NYSE:PGR) Shares Purchased by First National Bank of Mount Dora Trust Investment Services

First National Bank of Mount Dora Trust Investment Services raised its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 20.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 38,603 shares of the insurance provider's stock after buying an additional 6,629 shares during the period. Progressive comprises about 2.7% of First National Bank of Mount Dora Trust Investment Services' portfolio, making the stock its 8th largest holding. First National Bank of Mount Dora Trust Investment Services' holdings in Progressive were worth $10,925,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also modified their holdings of the stock. Atlantic Edge Private Wealth Management LLC increased its holdings in Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after buying an additional 41 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new stake in shares of Progressive during the 4th quarter worth about $28,000. Atala Financial Inc acquired a new stake in shares of Progressive during the 4th quarter valued at about $32,000. Global Wealth Strategies & Associates increased its stake in shares of Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock valued at $39,000 after purchasing an additional 75 shares in the last quarter. Finally, Rialto Wealth Management LLC purchased a new position in shares of Progressive in the 4th quarter valued at about $43,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent analyst reports. UBS Group increased their price target on Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price on the stock in a research report on Monday, April 28th. Barclays lifted their price target on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research note on Friday, April 11th. Wall Street Zen cut shares of Progressive from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Finally, Wells Fargo & Company increased their price objective on shares of Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

Insider Activity at Progressive

In related news, insider Steven Broz sold 1,267 shares of the company's stock in a transaction dated Friday, May 23rd. The shares were 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 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 sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO John P. Sauerland sold 1,542 shares of Progressive stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $435,861.72. Following the transaction, the chief financial officer now directly owns 268,024 shares in the company, valued at $75,759,663.84. This trade represents a 0.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 37,755 shares of company stock valued at $10,367,074. 0.34% of the stock is currently owned by insiders.

Progressive Price Performance

Shares of NYSE:PGR traded down $0.84 during midday trading on Friday, hitting $267.58. The company's stock had a trading volume of 3,152,193 shares, compared to its average volume of 2,680,269. The company has a market cap of $156.86 billion, a P/E ratio of 18.58, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The Progressive Co. has a 12-month low of $203.39 and a 12-month high of $292.99. The business's 50 day simple moving average is $275.93 and its 200 day simple moving average is $264.55. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR - Get Free Report) last released its 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. The business had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

About Progressive

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.