JLB & Associates Inc. Reduces Holdings in The Progressive Corporation (NYSE:PGR)

JLB & Associates Inc. lowered its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 4.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 86,644 shares of the insurance provider's stock after selling 3,893 shares during the quarter. Progressive accounts for about 3.4% of JLB & Associates Inc.'s portfolio, making the stock its 7th biggest position. JLB & Associates Inc.'s holdings in Progressive were worth $24,521,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the business. Norges Bank bought a new stake in Progressive in the 4th quarter valued at approximately $1,843,045,000. GAMMA Investing LLC raised its stake in shares of Progressive by 39,285.0% during the 1st quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after purchasing an additional 3,038,303 shares in the last quarter. GQG Partners LLC raised its stake in shares of Progressive by 67.6% during the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock worth $1,239,143,000 after purchasing an additional 2,085,833 shares in the last quarter. Raymond James Financial Inc. acquired a new position in shares of Progressive during the 4th quarter worth approximately $408,416,000. Finally, Capital Research Global Investors increased its holdings in shares of Progressive by 34.3% during the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after acquiring an additional 1,547,677 shares during the last quarter. Institutional investors own 85.34% of the company's stock.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the company. BMO Capital Markets boosted their target price on Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a report on Thursday, April 17th. Roth Mkm upped their price objective on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a report on Tuesday, February 25th. UBS Group upped their price objective on Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a report on Wednesday, May 28th. 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. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, Progressive currently has an average rating of "Moderate Buy" and a consensus target price of $288.59.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total value of $2,753,700.00. Following the completion of the sale, the chief financial officer now owns 238,024 shares of the company's stock, valued at approximately $65,544,668.88. This trade represents a 4.03% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director Devin C. Johnson sold 400 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The shares were sold at an average price of $275.04, for a total value of $110,016.00. Following the completion of the transaction, the director now owns 8,370 shares in the company, valued at $2,302,084.80. This represents a 4.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,517 shares of company stock valued at $9,451,821 over the last 90 days. Company insiders own 0.34% of the company's stock.

Progressive Price Performance

Shares of NYSE:PGR traded down $5.46 during trading on Thursday, reaching $260.31. 4,769,984 shares of the company traded hands, compared to its average volume of 2,690,765. The company's 50 day moving average is $275.63 and its two-hundred day moving average is $264.45. The firm has a market capitalization of $152.60 billion, a PE ratio of 17.55, a PEG ratio of 1.63 and a beta of 0.40. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 52 week low of $204.88 and a 52 week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. The business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. As a group, sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

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.