The Progressive Co. (NYSE:PGR) Shares Sold by USA Financial Formulas

USA Financial Formulas lessened its holdings in shares of The Progressive Co. (NYSE:PGR - Free Report) by 83.1% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 670 shares of the insurance provider's stock after selling 3,301 shares during the quarter. USA Financial Formulas' holdings in Progressive were worth $190,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of the business. CX Institutional raised its holdings in shares of Progressive by 6.0% in the 1st quarter. CX Institutional now owns 5,362 shares of the insurance provider's stock worth $1,517,000 after acquiring an additional 302 shares during the last quarter. MV Capital Management Inc. grew its holdings in Progressive by 31.2% during the first quarter. MV Capital Management Inc. now owns 505 shares of the insurance provider's stock worth $143,000 after buying an additional 120 shares in the last quarter. Integrated Advisors Network LLC raised its position in Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider's stock valued at $1,078,000 after buying an additional 36 shares during the last quarter. Trueblood Wealth Management LLC lifted its stake in Progressive by 11.1% during the 1st quarter. Trueblood Wealth Management LLC now owns 1,437 shares of the insurance provider's stock valued at $407,000 after acquiring an additional 144 shares in the last quarter. Finally, Sanibel Captiva Trust Company Inc. boosted its holdings in Progressive by 4.8% during the first quarter. Sanibel Captiva Trust Company Inc. now owns 22,886 shares of the insurance provider's stock worth $6,477,000 after purchasing an additional 1,040 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company's stock.

Progressive Trading Up 0.0%

NYSE:PGR traded up $0.06 during mid-day trading on Friday, reaching $268.48. 1,796,057 shares of the company's stock traded hands, compared to its average volume of 2,674,659. 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 Progressive Co. has a 12-month low of $202.30 and a 12-month high of $292.99. The firm has a market capitalization of $157.39 billion, a price-to-earnings ratio of 18.64, a PEG ratio of 1.70 and a beta of 0.40. The company has a 50 day moving average price of $275.93 and a 200-day moving average price of $264.55.

Progressive (NYSE:PGR - Get Free Report) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.28 by $0.37. The business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, sell-side analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Analysts Set New Price Targets

Several research firms have weighed in on PGR. Wall Street Zen cut Progressive from a "buy" rating to a "hold" rating in a research report on Wednesday, May 21st. Roth Mkm boosted their target price on Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Bank of America upgraded Progressive from a "neutral" rating to a "buy" rating and set a $312.00 price target for the company in a research note on Monday, April 28th. Barclays raised their price target on Progressive from $285.00 to $297.00 and gave the stock an "equal weight" rating in a report on Friday, April 11th. Finally, Morgan Stanley set a $330.00 price objective on Progressive and gave the stock an "overweight" rating in a report on Monday, May 19th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $288.59.

Insider Activity at Progressive

In related news, Director Devin C. Johnson sold 400 shares of the firm's stock in a transaction that occurred on Tuesday, March 25th. The stock was sold at an average price of $275.04, for a total transaction of $110,016.00. Following the completion of the sale, the director now directly owns 8,370 shares of the company's stock, valued at approximately $2,302,084.80. This trade represents a 4.56% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the transaction, the insider now directly owns 28,888 shares in the company, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 37,755 shares of company stock valued at $10,367,074 in the last 90 days. Corporate 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.