The Progressive Corporation (NYSE:PGR) Shares Acquired by Janney Montgomery Scott LLC

Janney Montgomery Scott LLC raised its holdings in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 16.5% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 93,463 shares of the insurance provider's stock after acquiring an additional 13,231 shares during the quarter. Janney Montgomery Scott LLC's holdings in Progressive were worth $26,451,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of PGR. Minot DeBlois Advisors LLC purchased a new stake in Progressive during the 4th quarter worth about $28,000. Atala Financial Inc purchased a new position in Progressive in the fourth quarter valued at approximately $32,000. Global Wealth Strategies & Associates raised its stake in shares of Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock valued at $39,000 after acquiring an additional 75 shares during the period. Rialto Wealth Management LLC acquired a new position in shares of Progressive during the fourth quarter worth about $43,000. Finally, Mascagni Wealth Management Inc. acquired a new position in Progressive during the 4th quarter worth approximately $54,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

PGR has been the topic of a number of recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Wall Street Zen downgraded shares of Progressive from a "buy" rating to a "hold" rating in a report on Wednesday, May 21st. 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. UBS Group upped their price target on shares of Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research report on Wednesday, May 28th. Finally, Barclays increased their price objective on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a report on Friday, April 11th. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $288.59.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,267 shares of the firm'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 in the company, valued at approximately $8,025,375.28. This trade represents a 4.20% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the company's stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $275.94, for a total value of $2,759,400.00. Following the sale, the chief financial officer now owns 258,024 shares of the company's stock, valued at approximately $71,199,142.56. This trade represents a 3.73% 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 three months. 0.33% of the stock is owned by corporate insiders.

Progressive Price Performance

NYSE PGR opened at $265.55 on Wednesday. The Progressive Corporation has a 1 year low of $204.88 and a 1 year high of $292.99. The stock has a market capitalization of $155.67 billion, a P/E ratio of 17.91, a P/E/G ratio of 1.68 and a beta of 0.40. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The business's fifty day moving average is $276.09 and its two-hundred day moving average is $264.50.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. On average, research analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal 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.

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.