Axecap Investments LLC Has $2.09 Million Stock Holdings in The Progressive Co. (NYSE:PGR)

Axecap Investments LLC cut its holdings in The Progressive Co. (NYSE:PGR - Free Report) by 21.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,376 shares of the insurance provider's stock after selling 2,035 shares during the quarter. Progressive makes up approximately 1.8% of Axecap Investments LLC's portfolio, making the stock its 24th largest holding. Axecap Investments LLC's holdings in Progressive were worth $2,088,000 as of its most recent SEC filing.

A number of other institutional investors also recently made changes to their positions in PGR. Vivid Wealth Management LLC purchased a new stake in Progressive during the 4th quarter worth about $2,143,000. Van ECK Associates Corp raised its position in shares of Progressive by 3.4% in the fourth quarter. Van ECK Associates Corp now owns 16,199 shares of the insurance provider's stock valued at $3,881,000 after buying an additional 527 shares during the last quarter. Allstate Corp acquired a new position in shares of Progressive in the fourth quarter valued at approximately $4,205,000. Baird Financial Group Inc. lifted its stake in shares of Progressive by 3.1% during the fourth quarter. Baird Financial Group Inc. now owns 3,667,903 shares of the insurance provider's stock valued at $878,866,000 after buying an additional 111,659 shares during the period. Finally, Jump Financial LLC raised its holdings in Progressive by 16.8% in the 4th quarter. Jump Financial LLC now owns 86,076 shares of the insurance provider's stock valued at $20,625,000 after acquiring an additional 12,351 shares during the last quarter. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of the business's stock in a transaction that occurred on 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 approximately $180,891.35. The trade was a 35.47% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CIO Jonathan S. Bauer sold 1,696 shares of the stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $479,391.36. Following the transaction, the executive now owns 26,697 shares in the company, valued at approximately $7,546,174.02. This trade represents a 5.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock valued at $10,367,074 in the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Up 0.1%

Progressive stock traded up $0.29 during midday trading on Friday, hitting $268.71. The stock had a trading volume of 1,796,057 shares, compared to its average volume of 2,674,798. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The stock has a market cap of $157.52 billion, a P/E ratio of 18.64, a P/E/G ratio of 1.70 and a beta of 0.40. The Progressive Co. has a 12 month low of $202.30 and a 12 month high of $292.99. The business has a fifty day moving average price of $275.93 and a 200 day moving average price of $264.55.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts' consensus estimates of $4.28 by $0.37. The company had revenue of $22.21 billion during 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%. Research analysts predict that The Progressive Co. will post 14.68 EPS for the current year.

Analyst Ratings Changes

PGR has been the topic of several recent analyst reports. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. Roth Mkm lifted 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. Wells Fargo & Company raised their price target on shares of Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a report on Wednesday, May 7th. Finally, Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective for the company in a research note on Monday, April 28th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, Progressive has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

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.