Spire Wealth Management Has $3.44 Million Stock Position in The Progressive Corporation (NYSE:PGR)

Spire Wealth Management lifted its stake in The Progressive Corporation (NYSE:PGR) by 3.4% in the first quarter, HoldingsChannel reports. The firm owned 12,150 shares of the insurance provider’s stock after purchasing an additional 394 shares during the period. Spire Wealth Management’s holdings in Progressive were worth $3,439,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also modified their holdings of PGR. Brighton Jones LLC boosted its position in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares during the period. Revolve Wealth Partners LLC acquired a new stake in Progressive during the 4th quarter worth about $269,000. Highview Capital Management LLC DE boosted its position in Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider’s stock worth $2,645,000 after acquiring an additional 339 shares during the period. MONECO Advisors LLC boosted its position in Progressive by 14.5% during the 4th quarter. MONECO Advisors LLC now owns 1,226 shares of the insurance provider’s stock worth $294,000 after acquiring an additional 155 shares during the period. Finally, IFP Advisors Inc boosted its position in Progressive by 11.0% during the 4th quarter. IFP Advisors Inc now owns 4,808 shares of the insurance provider’s stock worth $1,152,000 after acquiring an additional 478 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Stock Down 2.4%

Shares of PGR stock opened at $259.67 on Thursday. The stock’s 50 day simple moving average is $274.56 and its 200 day simple moving average is $264.55. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The Progressive Corporation has a twelve month low of $204.88 and a twelve month high of $292.99. The company has a market capitalization of $152.22 billion, a price-to-earnings ratio of 17.51, a PEG ratio of 1.64 and a beta of 0.40.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The business had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. As a group, research analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Analyst Ratings Changes

A number of equities research analysts have commented on the company. Wells Fargo & Company raised their price objective on Progressive from $328.00 to $333.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. UBS Group raised their price objective on Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Morgan Stanley set a $330.00 price objective on Progressive and gave the stock an “overweight” rating in a research report on Monday, May 19th. Keefe, Bruyette & Woods restated a “market perform” rating and set a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. Finally, 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 report on Monday, April 28th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $288.88.

Insider Activity at Progressive

In related news, insider John Jo Murphy sold 4,000 shares of the firm’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total value of $1,041,520.00. Following the transaction, the insider now directly owns 41,289 shares of the company’s stock, valued at approximately $10,750,829.82. This trade represents a 8.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $268.59, for a total value of $2,685,900.00. Following the completion of the transaction, the chief financial officer now directly owns 248,024 shares in the company, valued at $66,616,766.16. The trade was a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 42,705 shares of company stock valued at $11,572,448. Corporate insiders own 0.34% of the company’s stock.

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.