Tran Capital Management L.P. Sells 4,690 Shares of The Progressive Co. (NYSE:PGR)

Tran Capital Management L.P. decreased its holdings in shares of The Progressive Co. (NYSE:PGR) by 9.5% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 44,798 shares of the insurance provider’s stock after selling 4,690 shares during the quarter. Progressive makes up about 1.7% of Tran Capital Management L.P.’s investment portfolio, making the stock its 22nd biggest holding. Tran Capital Management L.P.’s holdings in Progressive were worth $12,678,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Norges Bank bought a new stake in Progressive during the fourth quarter worth about $1,843,045,000. GAMMA Investing LLC grew its stake in Progressive by 39,285.0% in the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock valued at $862,059,000 after purchasing an additional 3,038,303 shares in the last quarter. GQG Partners LLC increased its position in shares of Progressive by 67.6% during the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock worth $1,239,143,000 after purchasing an additional 2,085,833 shares during the last quarter. Raymond James Financial Inc. bought a new stake in shares of Progressive during the 4th quarter worth approximately $408,416,000. Finally, Capital Research Global Investors boosted its holdings 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 buying an additional 1,547,677 shares during the last quarter. Institutional investors own 85.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered their target price on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a report on Friday, April 11th. 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 note on Wednesday, May 28th. Barclays raised their target price on shares of Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research note on Friday, April 11th. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. Finally, Wells Fargo & Company upped their price objective on Progressive from $324.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company’s stock. According to data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and an average price target of $288.59.

Insider Buying and Selling at Progressive

In other news, CIO Jonathan S. Bauer sold 1,696 shares of the business’s stock in a transaction on Monday, March 17th. The stock was 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 owns 26,697 shares of the company’s stock, valued at approximately $7,546,174.02. The trade was a 5.97% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated 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 sale, the chief financial officer now directly owns 248,024 shares in the company, valued at $66,616,766.16. This trade represents a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock valued at $10,367,074 in the last ninety days. 0.34% of the stock is currently owned by company insiders.

Progressive Price Performance

Shares of Progressive stock 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 stock has a market capitalization of $154.14 billion, a price-to-earnings ratio of 18.26, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. The company has a 50-day simple moving average of $275.67 and a two-hundred day simple moving average of $264.53.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. The company had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Analysts forecast that The Progressive Co. will post 14.68 EPS for the current 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.