Daymark Wealth Partners LLC Lowers Position in The Progressive Co. (NYSE:PGR)

Daymark Wealth Partners LLC trimmed its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 0.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 172,953 shares of the insurance provider's stock after selling 1,021 shares during the quarter. Progressive accounts for about 1.7% of Daymark Wealth Partners LLC's portfolio, making the stock its 15th largest position. Daymark Wealth Partners LLC's holdings in Progressive were worth $48,948,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Pines Wealth Management LLC grew its stake in shares of Progressive by 3.0% in the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider's stock worth $335,000 after purchasing an additional 37 shares during the last quarter. Contravisory Investment Management Inc. raised its position in Progressive by 2.0% during the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider's stock worth $549,000 after purchasing an additional 38 shares during the last quarter. Beacon Financial Group lifted its holdings in Progressive by 1.1% during the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider's stock worth $1,036,000 after buying an additional 39 shares during the period. Kesler Norman & Wride LLC grew its position in shares of Progressive by 1.1% in the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider's stock valued at $885,000 after buying an additional 40 shares during the last quarter. Finally, Baker Tilly Wealth Management LLC grew its position in shares of Progressive by 3.6% in the 1st quarter. Baker Tilly Wealth Management LLC now owns 1,142 shares of the insurance provider's stock valued at $323,000 after buying an additional 40 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on PGR shares. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective for the company in a research report on Monday, April 28th. Wells Fargo & Company raised their price target on shares of Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a report on Wednesday, May 7th. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Keefe, Bruyette & Woods reiterated a "market perform" rating and set a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. Finally, Roth Mkm lifted their target price on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $288.59.

Insider Activity

In other news, CIO Jonathan S. Bauer sold 1,696 shares of the business's stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $479,391.36. Following the completion of the sale, the executive now directly owns 26,697 shares of the company's stock, valued at $7,546,174.02. The trade was a 5.97% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the completion of the transaction, the chief financial officer now directly owns 258,024 shares in the company, valued at approximately $71,199,142.56. The trade was a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 37,755 shares of company stock worth $10,367,074 over the last quarter. 0.34% of the stock is currently owned by corporate insiders.

Progressive Stock Up 1.9%

Shares of NYSE PGR traded up $5.01 during trading on Thursday, hitting $268.23. 3,045,531 shares of the company traded hands, compared to its average volume of 2,678,885. The firm has a market capitalization of $157.24 billion, a price-to-earnings ratio of 18.63, a P/E/G ratio of 1.70 and a beta of 0.40. The business's fifty day moving average is $275.67 and its 200 day moving average is $264.53. 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 fifty-two week low of $201.34 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly 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. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The business had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Equities research analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal 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.