The Progressive Corporation (NYSE:PGR) Shares Purchased by Consolidated Planning Corp

Consolidated Planning Corp increased its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 7.8% in the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 14,337 shares of the insurance provider's stock after acquiring an additional 1,032 shares during the period. Consolidated Planning Corp's holdings in Progressive were worth $4,058,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Progressive during the fourth quarter worth $1,843,045,000. GAMMA Investing LLC lifted its stake in Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider's stock worth $862,059,000 after purchasing an additional 3,038,303 shares in the last quarter. GQG Partners LLC lifted its stake in Progressive by 67.6% during the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider's stock worth $1,239,143,000 after purchasing an additional 2,085,833 shares in the last quarter. Raymond James Financial Inc. acquired a new position in Progressive during the fourth quarter worth $408,416,000. Finally, Capital Research Global Investors lifted its stake in Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider's stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares in the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Stock Performance

Shares of PGR stock traded up $4.38 during mid-day trading on Monday, hitting $266.39. 3,006,400 shares of the stock were exchanged, compared to its average volume of 2,712,355. The stock's fifty day simple moving average is $275.09 and its two-hundred day simple moving average is $264.57. The stock has a market capitalization of $156.16 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 1.62 and a beta of 0.40. The Progressive Corporation has a 12-month low of $204.88 and a 12-month high of $292.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR - Get Free Report) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping 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, analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Insiders Place Their Bets

In related news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the transaction, the chief financial officer now owns 258,024 shares of the company's stock, valued at $71,199,142.56. This trade represents a 3.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Devin C. Johnson sold 400 shares of the firm's stock in a transaction dated 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 approximately $2,302,084.80. This represents a 4.56% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 43,105 shares of company stock valued at $11,682,464. 0.33% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several analysts have recently issued reports on the company. Roth Mkm increased their price objective on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Barclays increased their price objective on Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research note on Friday, April 11th. Jefferies Financial Group reduced their price objective on Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Bank of America upgraded 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. Finally, BMO Capital Markets increased their price objective on Progressive from $282.00 to $288.00 and gave the company an "outperform" rating in a research note on Thursday, April 17th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of "Moderate Buy" and a consensus target price of $288.88.

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.