The Progressive Corporation (NYSE:PGR) Shares Acquired by State of Alaska Department of Revenue

State of Alaska Department of Revenue lifted its position in shares of The Progressive Corporation (NYSE:PGR - Free Report) by 2.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 68,644 shares of the insurance provider's stock after buying an additional 1,800 shares during the quarter. State of Alaska Department of Revenue's holdings in Progressive were worth $19,426,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Highline Wealth Partners LLC raised its stake in shares of Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after buying an additional 49 shares during the last quarter. Minot DeBlois Advisors LLC acquired a new position in shares of Progressive during the 4th quarter worth $28,000. Atala Financial Inc acquired a new position in shares of Progressive during the 4th quarter worth $32,000. Global Wealth Strategies & Associates raised its stake in shares of Progressive by 119.0% during the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider's stock worth $39,000 after buying an additional 75 shares during the last quarter. Finally, Rialto Wealth Management LLC purchased a new stake in Progressive during the 4th quarter worth about $43,000. Institutional investors and hedge funds own 85.34% of the company's stock.

Insider Buying and Selling

In related news, CFO John P. Sauerland sold 10,000 shares of the business'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 transaction of $2,753,700.00. Following the transaction, the chief financial officer now directly owns 238,024 shares of the company's stock, valued at approximately $65,544,668.88. The trade was a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, Director Devin C. Johnson sold 400 shares of the business's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $275.04, for a total value of $110,016.00. Following the transaction, the director now directly owns 8,370 shares in the company, valued at $2,302,084.80. This trade represents a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 34,517 shares of company stock valued at $9,451,821. Corporate insiders own 0.33% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on PGR shares. JPMorgan Chase & Co. lifted their price objective on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a research report on Tuesday, April 8th. Barclays lifted their price objective on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research report on Friday, April 11th. Morgan Stanley set a $330.00 price objective on Progressive and gave the stock an "overweight" rating in a research report on Monday, May 19th. Roth Mkm lifted their price objective on Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research report on Tuesday, February 25th. Finally, Wells Fargo & Company lifted their price objective on Progressive from $324.00 to $328.00 and gave the stock an "overweight" rating in a research report on Wednesday, May 7th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, Progressive has a consensus rating of "Moderate Buy" and an average target price of $288.59.

Progressive Stock Down 0.3%

Shares of NYSE:PGR opened at $265.55 on Wednesday. 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 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 PEG ratio of 1.68 and a beta of 0.40. The stock has a 50-day simple moving average of $276.09 and a 200-day simple moving average of $264.50.

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

Progressive 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.

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