Tobam Reduces Stock Holdings in The Progressive Co. (NYSE:PGR)

Tobam cut its position in shares of The Progressive Co. (NYSE:PGR - Free Report) by 41.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,754 shares of the insurance provider's stock after selling 5,385 shares during the quarter. Tobam's holdings in Progressive were worth $2,194,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of PGR. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive during the fourth quarter worth $28,000. Atala Financial Inc acquired a new stake in shares of Progressive during the fourth quarter worth $32,000. Global Wealth Strategies & Associates increased its position in shares of Progressive by 119.0% during the first 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 period. Rialto Wealth Management LLC bought a new position in Progressive during the fourth quarter worth $43,000. Finally, Roxbury Financial LLC bought a new position in Progressive during the fourth quarter worth $50,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

Shares of PGR traded down $0.84 during trading hours on Friday, hitting $267.58. The company's stock had a trading volume of 3,152,193 shares, compared to its average volume of 2,679,221. The company has a market cap of $156.86 billion, a price-to-earnings ratio of 18.58, a PEG ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The business has a 50 day simple moving average of $276.07 and a two-hundred day simple moving average of $264.51. The Progressive Co. has a 52-week low of $204.62 and a 52-week high of $292.99.

Progressive (NYSE:PGR - Get Free Report) last announced its 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 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. On average, equities analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the firm's stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the sale, the chief financial officer now directly owns 248,024 shares of the company's stock, valued at $66,616,766.16. This trade represents a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CIO Jonathan S. Bauer sold 1,696 shares of Progressive stock in a transaction on Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $479,391.36. Following the completion of the transaction, the executive now directly owns 26,697 shares of the company's stock, valued at $7,546,174.02. The trade was a 5.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock valued at $10,367,074 over the last three months. 0.34% of the stock is owned by company insiders.

Analysts Set New Price Targets

Several research analysts recently issued reports on PGR shares. BMO Capital Markets increased their target price 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. Wall Street Zen lowered shares of Progressive from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. Roth Mkm increased their target price on shares of Progressive from $290.00 to $315.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. UBS Group increased their target price on shares of Progressive from $285.00 to $291.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 28th. Finally, Keefe, Bruyette & Woods reaffirmed a "market perform" rating and issued a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $288.59.

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.