Farther Finance Advisors LLC Has $1.82 Million Holdings in The Progressive Co. (NYSE:PGR)

Farther Finance Advisors LLC grew its stake in The Progressive Co. (NYSE:PGR) by 15.8% in the 1st quarter, Holdings Channel reports. The institutional investor owned 6,399 shares of the insurance provider’s stock after buying an additional 871 shares during the quarter. Farther Finance Advisors LLC’s holdings in Progressive were worth $1,819,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently made changes to their positions in the stock. Vanguard Group Inc. boosted its holdings in shares of Progressive by 1.1% in the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock valued at $12,795,262,000 after buying an additional 583,376 shares during the period. Geode Capital Management LLC lifted its position in shares of Progressive by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider’s stock worth $3,498,363,000 after purchasing an additional 189,638 shares in the last quarter. Norges Bank bought a new stake in shares of Progressive in the fourth quarter worth $1,843,045,000. Northern Trust Corp lifted its position in shares of Progressive by 13.0% in the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider’s stock worth $1,480,677,000 after purchasing an additional 710,684 shares in the last quarter. Finally, Capital Research Global Investors lifted its position in shares of Progressive by 34.3% in the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. Wells Fargo & Company boosted their price objective on shares of Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a research report on Wednesday, May 7th. Morgan Stanley set a $330.00 price objective on shares of Progressive and gave the stock an “overweight” rating in a research report on Monday, May 19th. UBS Group boosted their price objective 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. Finally, JPMorgan Chase & Co. upped their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat, Progressive has an average rating of “Moderate Buy” and an average price target of $288.59.

Progressive Price Performance

Shares of PGR opened at $262.94 on Thursday. The firm has a market capitalization of $154.14 billion, a PE ratio of 18.26, a PEG ratio of 1.70 and a beta of 0.40. The company’s 50-day moving average is $275.67 and its 200-day moving average is $264.53. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30.

Progressive (NYSE:PGR) last released its quarterly 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 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Equities analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Insider Activity at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 1,696 shares of the stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $479,391.36. Following the sale, the executive now directly owns 26,697 shares in the company, valued at $7,546,174.02. This represents a 5.97% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the sale, the chief financial officer now owns 238,024 shares in the company, valued at $65,544,668.88. The trade was a 4.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 37,755 shares of company stock worth $10,367,074. 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.