Allspring Global Investments Holdings LLC Sells 112,547 Shares of The Progressive Corporation (NYSE:PGR)

Allspring Global Investments Holdings LLC lessened its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 11.4% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 872,656 shares of the insurance provider's stock after selling 112,547 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.15% of Progressive worth $248,087,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PGR. Highline Wealth Partners LLC grew its holdings in shares of 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 acquiring an additional 49 shares during the period. Minot DeBlois Advisors LLC purchased a new stake in shares of Progressive in the 4th quarter worth $28,000. HWG Holdings LP bought a new stake in Progressive during the 1st quarter worth approximately $28,000. Atala Financial Inc bought a new position in shares of Progressive in the fourth quarter worth approximately $32,000. Finally, Garde Capital Inc. purchased a new position in shares of Progressive in the first quarter valued at about $33,000. Institutional investors own 85.34% of the company's stock.

Insider Buying and Selling at Progressive

In other news, insider John Jo Murphy sold 4,000 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $1,041,520.00. Following the transaction, the insider now owns 41,289 shares of the company's stock, valued at $10,750,829.82. This represents a 8.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the stock in a transaction on Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the sale, the director now directly owns 12,217 shares of the company's stock, valued at $3,181,673.31. This represents a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,705 shares of company stock valued at $8,813,048 in the last quarter. Corporate insiders own 0.34% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on PGR. Barclays raised their price objective on shares of Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a research note on Friday, April 11th. BMO Capital Markets lifted their price objective on shares of Progressive from $282.00 to $288.00 and gave the stock an "outperform" rating in a research note on Thursday, April 17th. UBS Group upped their price objective 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. Keefe, Bruyette & Woods reiterated a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. Finally, Wells Fargo & Company lifted their target price on Progressive from $328.00 to $333.00 and gave the company an "overweight" rating in a research report on Friday, June 20th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $288.88.

Progressive Stock Performance

Shares of Progressive stock traded up $2.23 on Friday, reaching $263.85. The stock had a trading volume of 12,464,473 shares, compared to its average volume of 2,762,402. The business's 50-day moving average price is $274.46 and its two-hundred day moving average price is $264.76. The Progressive Corporation has a fifty-two week low of $207.48 and a fifty-two week high of $292.99. The stock has a market cap of $154.68 billion, a P/E ratio of 17.79, a price-to-earnings-growth ratio of 1.61 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.

Progressive (NYSE:PGR - Get Free Report) last announced 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. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The business had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. On average, sell-side analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

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.