The Progressive Corporation (NYSE:PGR) Shares Bought by Bank of Stockton

Bank of Stockton lifted its holdings in shares of The Progressive Corporation (NYSE:PGR) by 1.5% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 9,677 shares of the insurance provider’s stock after buying an additional 141 shares during the period. Progressive accounts for approximately 0.9% of Bank of Stockton’s holdings, making the stock its 23rd biggest position. Bank of Stockton’s holdings in Progressive were worth $2,739,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of the business. Highline Wealth Partners LLC lifted its holdings in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 49 shares during the last quarter. HWG Holdings LP acquired a new stake in Progressive in the first quarter worth $28,000. Minot DeBlois Advisors LLC bought a new stake in Progressive in the fourth quarter valued at $28,000. Garde Capital Inc. bought a new position in Progressive during the 1st quarter valued at $33,000. Finally, Atala Financial Inc acquired a new position in shares of Progressive during the 4th quarter valued at $32,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Barclays raised their price target on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a report on Friday, April 11th. Wells Fargo & Company raised their target price on Progressive from $328.00 to $333.00 and gave the stock an “overweight” rating in a research report on Friday, June 20th. Jefferies Financial Group lowered their price objective on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Finally, UBS Group upped their target price on shares of Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and an average price target of $288.88.

Insider Activity at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $268.59, for a total value of $2,685,900.00. Following the transaction, the chief financial officer now 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Stuart B. Burgdoerfer sold 3,681 shares of the business’s stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total value 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. The trade was a 23.15% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 42,705 shares of company stock valued at $11,572,448 over the last three months. 0.34% of the stock is owned by insiders.

Progressive Stock Down 2.4%

Shares of NYSE PGR opened at $259.67 on Thursday. The stock 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 stock’s fifty day moving average is $274.56 and its 200 day moving average is $264.55. The Progressive Corporation has a 52 week low of $204.88 and a 52 week high of $292.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

Progressive (NYSE:PGR) last released its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, beating the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The firm had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Sell-side analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

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.