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 grew its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 20.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,603 shares of the insurance provider's stock after acquiring an additional 6,629 shares during the quarter. Progressive accounts for 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 SEC filing.

Other hedge funds and other institutional investors have also modified their holdings of the company. Paragon Advisors LLC increased its stake in Progressive by 0.3% during the first quarter. Paragon Advisors LLC now owns 15,159 shares of the insurance provider's stock valued at $4,290,000 after acquiring an additional 50 shares during the period. Livforsakringsbolaget Skandia Omsesidigt grew its holdings in shares of Progressive by 77.6% during the 1st quarter. Livforsakringsbolaget Skandia Omsesidigt now owns 7,780 shares of the insurance provider's stock worth $2,202,000 after purchasing an additional 3,400 shares in the last quarter. Simplicity Wealth LLC bought a new stake in shares of Progressive during the first quarter valued at approximately $540,000. GAMMA Investing LLC raised its stake in shares of Progressive by 39.2% in the first quarter. GAMMA Investing LLC now owns 10,763 shares of the insurance provider's stock valued at $3,046,000 after purchasing an additional 3,029 shares in the last quarter. Finally, Harbor Capital Advisors Inc. lifted its position in Progressive by 60.3% in the first quarter. Harbor Capital Advisors Inc. now owns 11,198 shares of the insurance provider's stock worth $3,169,000 after purchasing an additional 4,213 shares during the period. Institutional investors and hedge funds own 85.34% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on PGR shares. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research note on Tuesday, April 8th. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a report on Monday, April 28th. Roth Mkm upped their price objective on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Finally, Barclays boosted their price target on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research note on Friday, April 11th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $288.59.

Insider Transactions at Progressive

In other Progressive news, CAO Carl G. Joyce sold 360 shares of the stock in a transaction dated Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now directly owns 655 shares in the company, valued at $180,891.35. This represents a 35.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CIO Jonathan S. Bauer sold 1,696 shares of the stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $479,391.36. Following the sale, the executive now directly owns 26,697 shares of the company's stock, valued at approximately $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. 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 company insiders.

Progressive Trading Down 2.2%

NYSE:PGR traded down $6.10 on Tuesday, hitting $265.21. 3,987,327 shares of the stock were exchanged, compared to its average volume of 2,674,375. The stock has a market capitalization of $155.47 billion, a price-to-earnings ratio of 18.42, a P/E/G ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The company's 50-day moving average price is $275.99 and its 200 day moving average price is $264.54.

Progressive (NYSE:PGR - Get Free Report) last released its 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 11.25% and a return on equity of 33.79%. The firm had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. On average, equities research analysts forecast that The Progressive Co. will post 14.68 earnings per share 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.