Asset Management One Co. Ltd. Increases Stake in The Progressive Corporation (NYSE:PGR)

Asset Management One Co. Ltd. boosted its stake in The Progressive Corporation (NYSE:PGR - Free Report) by 7.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 263,279 shares of the insurance provider's stock after purchasing an additional 17,267 shares during the quarter. Asset Management One Co. Ltd.'s holdings in Progressive were worth $74,511,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Highline Wealth Partners LLC grew its holdings in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider's stock worth $26,000 after purchasing an additional 49 shares during the period. HWG Holdings LP bought a new position in shares of Progressive in the first quarter valued at $28,000. Minot DeBlois Advisors LLC bought a new position in shares of Progressive in the fourth quarter valued at $28,000. Garde Capital Inc. bought a new position in shares of Progressive in the first quarter valued at $33,000. Finally, Atala Financial Inc bought a new position in shares of Progressive in the fourth quarter valued at $32,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of NYSE PGR traded down $0.34 during midday trading on Tuesday, hitting $266.04. The company's stock had a trading volume of 3,515,310 shares, compared to its average volume of 2,714,808. The stock has a fifty day moving average price of $274.89 and a 200 day moving average price of $264.58. The Progressive Corporation has a one year low of $204.88 and a one year high of $292.99. 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 firm has a market capitalization of $155.96 billion, a price-to-earnings ratio of 17.94, a P/E/G ratio of 1.64 and a beta of 0.40.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings results 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 11.10% and a return on equity of 33.50%. The company had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. On average, research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent research reports. Bank of America raised shares of Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price objective on the stock in a research note on Monday, April 28th. BMO Capital Markets raised their price target on shares of Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research report on Thursday, April 17th. Keefe, Bruyette & Woods reissued a "market perform" rating and set a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. JPMorgan Chase & Co. raised their price target on shares of Progressive from $267.00 to $287.00 and gave the company an "overweight" rating in a research report on Tuesday, April 8th. Finally, Wall Street Zen raised shares of Progressive from a "hold" rating to a "buy" rating in a research report on Saturday. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $288.88.

Insider Activity

In other news, Director Stuart B. Burgdoerfer sold 3,681 shares of the business's stock in a transaction that occurred on Friday, June 20th. The shares were sold at an average price of $260.43, for a total value of $958,642.83. Following the sale, the director now owns 12,217 shares of the company's stock, valued at $3,181,673.31. The trade was a 23.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Dyke Kahina Van sold 2,490 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the sale, the director now directly owns 12,429 shares in the company, valued at $3,451,160.43. This trade represents a 16.69% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,705 shares of company stock valued at $11,572,448 over the last quarter. Company insiders own 0.33% of the company's stock.

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.