Terra Nova Asset Management LLC Decreases Holdings in The Progressive Corporation (NYSE:PGR)

Terra Nova Asset Management LLC reduced its holdings in The Progressive Corporation (NYSE:PGR) by 1.6% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 7,592 shares of the insurance provider’s stock after selling 123 shares during the period. Progressive makes up approximately 1.7% of Terra Nova Asset Management LLC’s holdings, making the stock its 26th largest holding. Terra Nova Asset Management LLC’s holdings in Progressive were worth $2,149,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of PGR. Perigon Wealth Management LLC grew its holdings in shares of Progressive by 4.3% in the first quarter. Perigon Wealth Management LLC now owns 4,696 shares of the insurance provider’s stock valued at $1,329,000 after purchasing an additional 193 shares in the last quarter. Alpine Bank Wealth Management purchased a new stake in shares of Progressive during the 1st quarter worth approximately $86,000. Golden State Wealth Management LLC raised its position in Progressive by 282.7% in the 1st quarter. Golden State Wealth Management LLC now owns 1,898 shares of the insurance provider’s stock valued at $538,000 after purchasing an additional 1,402 shares during the last quarter. Bessemer Group Inc. raised its position in Progressive by 0.6% in the 1st quarter. Bessemer Group Inc. now owns 10,583 shares of the insurance provider’s stock valued at $2,995,000 after purchasing an additional 65 shares during the last quarter. Finally, Corundum Group Inc. raised its position in Progressive by 4.5% in the 1st quarter. Corundum Group Inc. now owns 1,400 shares of the insurance provider’s stock valued at $396,000 after purchasing an additional 60 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. 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 note on Tuesday, April 8th. Wall Street Zen upgraded shares of Progressive from a “hold” rating to a “buy” rating in a report on Saturday, June 21st. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $288.00 price objective on shares of Progressive in a report on Thursday, April 17th. Jefferies Financial Group dropped their target price on shares of Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research report on Friday, April 11th. Finally, BMO Capital Markets increased 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. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $288.88.

Progressive Stock Down 2.4%

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

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The firm had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. On average, equities research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Progressive

In other news, Director Stuart B. Burgdoerfer sold 3,681 shares of the firm’s stock in a transaction on Friday, June 20th. The stock was sold at an average price of $260.43, for a total transaction of $958,642.83. Following the transaction, the director now directly owns 12,217 shares of the company’s stock, valued at approximately $3,181,673.31. This trade represents a 23.15% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total value of $329,901.46. Following the transaction, the insider now directly owns 27,621 shares in the company, valued at $7,191,955.98. This trade represents a 4.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 42,705 shares of company stock worth $11,572,448. 0.34% of the stock is owned by insiders.

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.