Moran Wealth Management LLC Has $40.73 Million Position in The Progressive Corporation (NYSE:PGR)

Moran Wealth Management LLC raised its position in The Progressive Corporation (NYSE:PGR - Free Report) by 88.2% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 143,905 shares of the insurance provider's stock after purchasing an additional 67,455 shares during the period. Progressive accounts for 1.4% of Moran Wealth Management LLC's investment portfolio, making the stock its 6th biggest position. Moran Wealth Management LLC's holdings in Progressive were worth $40,727,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. State of Alaska Department of Revenue grew its position in Progressive by 2.7% in the first quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider's stock worth $19,426,000 after acquiring an additional 1,800 shares in the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its stake in Progressive by 498.5% during the first quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider's stock worth $1,431,000 after purchasing an additional 4,212 shares during the last quarter. Hennessy Advisors Inc. purchased a new position in shares of Progressive in the 1st quarter worth about $3,141,000. QRG Capital Management Inc. increased its position in shares of Progressive by 36.4% during the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider's stock valued at $35,893,000 after purchasing an additional 33,864 shares during the last quarter. Finally, Janney Montgomery Scott LLC raised its holdings in shares of Progressive by 16.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider's stock valued at $26,451,000 after buying an additional 13,231 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Down 1.0%

Progressive stock traded down $2.60 during trading hours on Wednesday, hitting $263.42. 492,800 shares of the stock traded hands, compared to its average volume of 2,706,430. The Progressive Corporation has a one year low of $204.88 and a one year high of $292.99. The firm's 50-day moving average price is $274.89 and its two-hundred day moving average price is $264.58. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market cap of $154.42 billion, a PE ratio of 17.76, a PEG ratio of 1.64 and a beta of 0.40.

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, beating the consensus estimate of $4.28 by $0.37. The company had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. On average, research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Analysts Set New Price Targets

A number of brokerages have commented on PGR. Jefferies Financial Group reduced their price target on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the stock an "overweight" rating in a research report on Monday, May 19th. UBS Group upped their price target on shares of Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. JPMorgan Chase & Co. raised their price objective on Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research note on Tuesday, April 8th. Finally, Bank of America raised Progressive from a "neutral" rating to a "buy" rating and set a $312.00 target price for the company in a research note on Monday, April 28th. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $288.88.

Insider Activity

In related news, CFO John P. Sauerland sold 10,000 shares of Progressive 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 of the company's stock, valued at $71,199,142.56. This trade represents a 3.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,267 shares of the company's stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $329,901.46. Following the completion of the sale, the insider now owns 27,621 shares in the company, valued at $7,191,955.98. The trade was a 4.39% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 42,705 shares of company stock worth $11,572,448. Corporate insiders own 0.33% of the company's stock.

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.