Chesley Taft & Associates LLC trimmed its holdings in The Progressive Corporation (NYSE:PGR - Free Report) by 29.5% in the second quarter, according to its most recent disclosure with the SEC. The fund owned 14,180 shares of the insurance provider's stock after selling 5,946 shares during the period. Chesley Taft & Associates LLC's holdings in Progressive were worth $3,098,000 at the end of the most recent reporting period.
Other hedge funds have also made changes to their positions in the company. Bogart Wealth LLC grew its holdings in shares of Progressive by 235.1% during the first quarter. Bogart Wealth LLC now owns 124 shares of the insurance provider's stock worth $25,000 after buying an additional 87 shares during the last quarter. Bard Associates Inc. purchased a new stake in Progressive during the 4th quarter valued at approximately $27,000. HHM Wealth Advisors LLC lifted its position in Progressive by 700.0% during the 1st quarter. HHM Wealth Advisors LLC now owns 144 shares of the insurance provider's stock worth $29,000 after acquiring an additional 126 shares during the period. IFC & Insurance Marketing Inc. acquired a new stake in Progressive during the 4th quarter worth approximately $29,000. Finally, Axiom Investment Management LLC purchased a new position in shares of Progressive in the 1st quarter valued at approximately $31,000. Institutional investors and hedge funds own 85.34% of the company's stock.
Analyst Ratings Changes
Several equities research analysts have recently commented on the company. Weiss Ratings restated a "hold (c)" rating on shares of Progressive in a research note on Monday, August 3rd. William Blair reiterated a "market perform" rating on shares of Progressive in a research report on Wednesday, July 15th. UBS Group boosted their price objective on shares of Progressive from $220.00 to $230.00 and gave the company a "neutral" rating in a research note on Tuesday, June 30th. JPMorgan Chase & Co. cut their price objective on shares of Progressive from $250.00 to $241.00 and set a "neutral" rating for the company in a research report on Tuesday, August 4th. Finally, Mizuho set a $236.00 target price on shares of Progressive in a research note on Wednesday. Five analysts have rated the stock with a Buy rating, fifteen have issued a Hold rating and two have assigned a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Hold" and an average price target of $235.26.
Check Out Our Latest Analysis on PGR
Insider Activity
In other Progressive news, insider John Jo Murphy sold 8,124 shares of the stock in a transaction on Monday, July 27th. The stock was sold at an average price of $212.70, for a total value of $1,727,974.80. Following the completion of the transaction, the insider owned 41,291 shares in the company, valued at approximately $8,782,595.70. This represents a 16.44% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Andrew J. Quigg sold 3,499 shares of the firm's stock in a transaction on Tuesday, July 28th. The shares were sold at an average price of $220.00, for a total value of $769,780.00. Following the completion of the sale, the chief financial officer directly owned 42,595 shares of the company's stock, valued at approximately $9,370,900. This trade represents a 7.59% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 74,885 shares of company stock valued at $15,880,459 over the last three months. 0.32% of the stock is currently owned by corporate insiders.
Progressive Stock Performance
Shares of PGR stock opened at $215.32 on Friday. The company has a current ratio of 0.29, a quick ratio of 0.27 and a debt-to-equity ratio of 0.24. The stock has a 50 day simple moving average of $213.00 and a 200-day simple moving average of $206.26. The company has a market cap of $125.18 billion, a price-to-earnings ratio of 10.80, a price-to-earnings-growth ratio of 2.90 and a beta of 0.27. The Progressive Corporation has a 12-month low of $189.20 and a 12-month high of $254.93.
About Progressive
(
Free Report)
Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.
The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.
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