The Progressive Co. (NYSE:PGR) Shares Acquired by Lakeridge Wealth Management LLC

Lakeridge Wealth Management LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 2.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,903 shares of the insurance provider’s stock after purchasing an additional 69 shares during the period. Lakeridge Wealth Management LLC’s holdings in Progressive were worth $822,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Minot DeBlois Advisors LLC purchased a new stake in shares of Progressive in the 4th quarter valued at approximately $28,000. Atala Financial Inc purchased a new stake in shares of Progressive in the 4th quarter valued at approximately $32,000. Global Wealth Strategies & Associates lifted its position in shares of Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock valued at $39,000 after acquiring an additional 75 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in Progressive in the 4th quarter valued at approximately $43,000. Finally, Roxbury Financial LLC acquired a new position in Progressive in the 4th quarter valued at approximately $50,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on PGR shares. Roth Mkm upped their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Wells Fargo & Company upped their price objective on shares of Progressive from $324.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a research note on Monday, April 28th. JPMorgan Chase & Co. increased 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 lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $288.59.

Insider Buying and Selling at Progressive

In other news, CAO Carl G. Joyce sold 360 shares of the firm’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the transaction, the chief accounting officer now directly owns 655 shares of the company’s stock, valued at approximately $180,891.35. This trade represents a 35.47% decrease in their position. The transaction was disclosed in a legal filing 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 dated Friday, May 23rd. The stock was sold at an average price of $277.81, for a total transaction of $351,985.27. Following the transaction, the insider now directly owns 28,888 shares of the company’s stock, valued at $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 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 Progressive stock opened at $267.58 on Friday. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a fifty-two week low of $203.39 and a fifty-two week high of $292.99. The firm has a fifty day moving average price of $276.07 and a two-hundred day moving average price of $264.55. The company has a market cap of $156.86 billion, a PE ratio of 18.58, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR) last issued its quarterly earnings results 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 firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Analysts expect 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.