The Progressive Co. (NYSE:PGR) Stock Holdings Lessened by GoodHaven Capital Management LLC

GoodHaven Capital Management LLC cut its stake in shares of The Progressive Co. (NYSE:PGR - Free Report) by 3.8% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 57,670 shares of the insurance provider's stock after selling 2,300 shares during the period. Progressive makes up 5.5% of GoodHaven Capital Management LLC's investment portfolio, making the stock its 7th biggest holding. GoodHaven Capital Management LLC's holdings in Progressive were worth $16,321,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Abacus Planning Group Inc. lifted its holdings in shares of Progressive by 14.2% during the first quarter. Abacus Planning Group Inc. now owns 1,660 shares of the insurance provider's stock worth $470,000 after purchasing an additional 207 shares during the period. Capital Investment Advisors LLC boosted its holdings in shares of Progressive by 213.3% in the first quarter. Capital Investment Advisors LLC now owns 4,863 shares of the insurance provider's stock valued at $1,376,000 after acquiring an additional 3,311 shares in the last quarter. Park Avenue Securities LLC increased its stake in shares of Progressive by 10.7% during the first quarter. Park Avenue Securities LLC now owns 28,072 shares of the insurance provider's stock worth $7,945,000 after acquiring an additional 2,708 shares during the period. OLD National Bancorp IN increased its stake in shares of Progressive by 18.5% during the first quarter. OLD National Bancorp IN now owns 2,005 shares of the insurance provider's stock worth $567,000 after acquiring an additional 313 shares during the period. Finally, SOA Wealth Advisors LLC. purchased a new position in Progressive during the first quarter worth about $3,331,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

PGR has been the topic of several recent analyst reports. Wells Fargo & Company boosted their target price on Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Roth Mkm boosted their target price on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. UBS Group increased their price objective on Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research note on Wednesday, May 28th. Finally, Morgan Stanley set a $330.00 target price on shares of Progressive and gave the stock an "overweight" rating in a research note on Monday, May 19th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $288.59.

Progressive Stock Performance

Shares of PGR stock opened at $279.19 on Monday. The firm has a market cap of $163.67 billion, a P/E ratio of 19.39, a PEG ratio of 1.70 and a beta of 0.40. The stock's 50-day moving average is $276.19 and its two-hundred day moving average is $264.50. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR - Get Free Report) last released its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Insider Transactions at Progressive

In related news, CAO Carl G. Joyce sold 360 shares of the business's stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares of the company's stock, valued at approximately $180,891.35. The trade was a 35.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 1,267 shares of the company's stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the transaction, the insider now owns 28,888 shares of the company's stock, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 37,755 shares of company stock worth $10,367,074. 0.34% of the stock is owned by corporate insiders.

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.

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGR - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.