ForthRight Wealth Management LLC Raises Stock Position in The Progressive Co. (NYSE:PGR)

ForthRight Wealth Management LLC grew its holdings in The Progressive Co. (NYSE:PGR) by 0.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,548 shares of the insurance provider’s stock after acquiring an additional 66 shares during the period. Progressive comprises approximately 0.7% of ForthRight Wealth Management LLC’s holdings, making the stock its 23rd biggest holding. ForthRight Wealth Management LLC’s holdings in Progressive were worth $2,136,000 as of its most recent SEC filing.

A number of other hedge funds have also made changes to their positions in the business. Vanguard Group Inc. raised its stake in shares of Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock valued at $12,795,262,000 after acquiring an additional 583,376 shares during the period. Geode Capital Management LLC raised its stake in shares of Progressive by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider’s stock valued at $3,498,363,000 after acquiring an additional 189,638 shares during the period. Norges Bank purchased a new position in shares of Progressive in the 4th quarter valued at $1,843,045,000. Northern Trust Corp raised its stake in shares of Progressive by 13.0% in the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider’s stock valued at $1,480,677,000 after acquiring an additional 710,684 shares during the period. Finally, Capital Research Global Investors raised its stake in shares of Progressive by 34.3% in the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock valued at $1,451,602,000 after acquiring an additional 1,547,677 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on PGR shares. BMO Capital Markets raised their target price on shares of Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Barclays lifted their price target on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research note on Friday, April 11th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the stock an “overweight” rating in a research note on Monday, May 19th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 8th. Finally, Wall Street Zen downgraded shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $288.59.

Insider Buying and Selling at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 1,696 shares of the business’s 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 completion of the transaction, the executive now directly owns 26,697 shares of the company’s stock, valued at $7,546,174.02. The trade was a 5.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the transaction, the chief financial officer now directly owns 238,024 shares of the company’s stock, 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. Insiders sold 37,755 shares of company stock valued at $10,367,074 in the last ninety days. Company insiders own 0.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE:PGR opened at $262.94 on Thursday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The firm has a 50-day simple moving average of $275.67 and a 200 day simple moving average of $264.53. The company has a market cap of $154.14 billion, a PE ratio of 18.26, a P/E/G ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR) last announced 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 net margin of 11.25% and a return on equity of 33.79%. The business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. On average, sell-side analysts anticipate that The Progressive Co. will post 14.68 EPS for the current year.

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.