The Progressive Co. (NYSE:PGR) Shares Sold by GoodHaven Capital Management LLC

GoodHaven Capital Management LLC cut its position in The Progressive Co. (NYSE:PGR - Free Report) by 3.8% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 57,670 shares of the insurance provider's stock after selling 2,300 shares during the quarter. 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 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Atlantic Edge Private Wealth Management LLC raised its position in Progressive by 54.7% in the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock valued at $28,000 after purchasing an additional 41 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new position in Progressive in the fourth quarter valued at $28,000. Atala Financial Inc acquired a new position in Progressive in the fourth quarter valued at $32,000. Global Wealth Strategies & Associates raised its holdings in shares of Progressive by 119.0% in the first quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock valued at $39,000 after buying an additional 75 shares during the last quarter. Finally, Rialto Wealth Management LLC acquired a new stake in shares of Progressive during the fourth quarter worth about $43,000. Hedge funds and other institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other news, CAO Carl G. Joyce sold 360 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the chief accounting officer now directly owns 655 shares of the company's stock, valued at $180,891.35. This trade represents a 35.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, May 28th. The shares were 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 directly owns 238,024 shares in the company, valued at approximately $65,544,668.88. The trade was a 4.03% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,755 shares of company stock valued at $10,367,074. Insiders own 0.34% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently issued reports on PGR shares. Wells Fargo & Company boosted their price target on Progressive from $324.00 to $328.00 and gave the company an "overweight" rating in a research report on Wednesday, May 7th. Roth Mkm lifted their target price on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. BMO Capital Markets boosted their target price on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a report on Thursday, April 17th. UBS Group increased their price target on Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a report on Wednesday, May 28th. Finally, Bank of America upgraded shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a research report on Monday, April 28th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $288.59.

Progressive Price Performance

PGR traded up $5.01 on Thursday, hitting $268.23. 3,045,531 shares of the company were exchanged, compared to its average volume of 2,678,885. 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 quick ratio of 0.30 and a current ratio of 0.31. The firm has a market capitalization of $157.24 billion, a P/E ratio of 18.63, a price-to-earnings-growth 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.

Progressive (NYSE:PGR - Get Free Report) last released 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. The business had revenue of $22.21 billion for the quarter, compared to analysts' expectations of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. As a group, sell-side analysts anticipate that The Progressive Co. will post 14.68 EPS 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.