Tran Capital Management L.P. Sells 4,690 Shares of The Progressive Co. (NYSE:PGR)

Tran Capital Management L.P. lessened its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 9.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 44,798 shares of the insurance provider's stock after selling 4,690 shares during the period. Progressive accounts for 1.7% of Tran Capital Management L.P.'s portfolio, making the stock its 22nd largest position. Tran Capital Management L.P.'s holdings in Progressive were worth $12,678,000 as of its most recent SEC filing.

A number of other institutional investors have also recently bought and sold shares of PGR. Norges Bank bought a new position in shares of Progressive during the fourth quarter worth $1,843,045,000. GAMMA Investing LLC boosted its position in shares of 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 boosted its position in shares of 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. bought a new position in shares of Progressive during the fourth quarter worth $408,416,000. Finally, Capital Research Global Investors boosted its position in shares of 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. Institutional investors and hedge funds own 85.34% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on PGR shares. Roth Mkm boosted their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their price objective 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. BMO Capital Markets boosted their price objective 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. Jefferies Financial Group cut their price objective on shares of Progressive from $327.00 to $319.00 and set a "buy" rating on the stock in a research report on Friday, April 11th. Finally, UBS Group boosted their price objective on shares of Progressive from $285.00 to $291.00 and gave the company a "neutral" rating in a research report on Wednesday, May 28th. Eight 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 stock currently has a consensus rating of "Moderate Buy" and an average target price of $288.59.

Progressive Stock Performance

Shares of Progressive stock traded up $5.01 during trading on Thursday, hitting $268.23. 3,045,531 shares of the stock were exchanged, compared to its average volume of 2,677,594. The Progressive Co. has a 1-year low of $202.30 and a 1-year high of $292.99. The stock has a market capitalization of $157.24 billion, a price-to-earnings ratio of 18.63, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The company has a fifty day moving average price of $275.67 and a 200-day moving average price of $264.53. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR - Get Free Report) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to analyst estimates of $21.87 billion. As a group, equities analysts predict that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 1,542 shares of the company's stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the completion of the sale, the chief financial officer now owns 268,024 shares of the company's stock, valued at approximately $75,759,663.84. This represents a 0.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CIO Jonathan S. Bauer sold 1,696 shares of the company's stock in a transaction that occurred 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 sale, the executive now directly owns 26,697 shares of the company's stock, valued at approximately $7,546,174.02. This trade represents a 5.97% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,755 shares of company stock worth $10,367,074. Insiders own 0.34% 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.