Whitaker Myers Wealth Managers LTD. Purchases New Stake in The Progressive Co. (NYSE:PGR)

Whitaker Myers Wealth Managers LTD. acquired a new stake in The Progressive Co. (NYSE:PGR - Free Report) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 3,074 shares of the insurance provider's stock, valued at approximately $870,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC lifted its stake in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider's stock worth $813,000 after buying an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive during the fourth quarter worth $269,000. Leo Wealth LLC grew its position in Progressive by 165.2% in the fourth quarter. Leo Wealth LLC now owns 2,840 shares of the insurance provider's stock valued at $681,000 after purchasing an additional 1,769 shares in the last quarter. Golden State Wealth Management LLC acquired a new position in Progressive during the fourth quarter worth $119,000. Finally, EULAV Asset Management acquired a new stake in Progressive during the 4th quarter valued at $6,062,000. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other news, CIO Jonathan S. Bauer sold 1,696 shares of the business's stock in a transaction dated 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 approximately $7,546,174.02. The trade was a 5.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 1,542 shares of the stock in a transaction on Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $435,861.72. Following the completion of the transaction, the chief financial officer now directly owns 268,024 shares in the company, valued at $75,759,663.84. This trade represents a 0.57% 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 valued at $10,367,074. Corporate insiders own 0.34% of the company's stock.

Progressive Trading Down 1.0%

NYSE:PGR traded down $2.55 during trading hours on Wednesday, hitting $262.94. The company had a trading volume of 2,317,630 shares, compared to its average volume of 2,675,845. The company has a 50-day moving average of $275.55 and a 200 day moving average of $264.54. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The company has a market cap of $154.14 billion, a P/E ratio of 18.26, a P/E/G ratio of 1.70 and a beta of 0.40.

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

Analysts Set New Price Targets

A number of research analysts recently commented on PGR shares. Wall Street Zen downgraded Progressive from a "buy" rating to a "hold" rating in a research note on Wednesday, May 21st. Jefferies Financial Group cut their price target 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. Barclays boosted their target price on shares of Progressive from $285.00 to $297.00 and gave the company an "equal weight" rating in a research report on Friday, April 11th. JPMorgan Chase & Co. increased their target price on Progressive from $267.00 to $287.00 and gave the stock an "overweight" rating in a report on Tuesday, April 8th. Finally, Roth Mkm boosted their price target on shares of Progressive from $290.00 to $315.00 and gave the company a "buy" rating in a research note on Tuesday, February 25th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $288.59.

Progressive Company 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.