The Progressive Co. (NYSE:PGR) Position Increased by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC boosted its position in shares of The Progressive Co. (NYSE:PGRFree Report) by 16.2% in the first quarter, Holdings Channel.com reports. The firm owned 6,852 shares of the insurance provider’s stock after purchasing an additional 956 shares during the period. Sagespring Wealth Partners LLC’s holdings in Progressive were worth $1,939,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive during the 4th quarter valued at about $28,000. Atala Financial Inc acquired a new stake in Progressive in the fourth quarter valued at approximately $32,000. Global Wealth Strategies & Associates grew its position in Progressive by 119.0% in the first quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 75 shares in the last quarter. Rialto Wealth Management LLC acquired a new position in shares of Progressive during the 4th quarter worth $43,000. Finally, Mascagni Wealth Management Inc. acquired a new position in shares of Progressive during the 4th quarter worth $54,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of brokerages recently issued reports on PGR. Barclays upped their price objective 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. BMO Capital Markets upped their price target on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research note on Thursday, April 17th. Bank of America raised Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective on the stock in a report on Monday, April 28th. Roth Mkm boosted their target price on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Finally, Morgan Stanley set a $330.00 target price on Progressive and gave the stock an “overweight” rating in a research report on Monday, May 19th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $288.59.

Check Out Our Latest Report on Progressive

Insider Activity at Progressive

In other news, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total transaction of $99,421.20. Following the sale, the chief accounting officer now 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Devin C. Johnson sold 400 shares of the company’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $275.04, for a total value of $110,016.00. Following the completion of the transaction, the director now owns 8,370 shares of the company’s stock, valued at $2,302,084.80. The trade was a 4.56% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 34,517 shares of company stock worth $9,451,821 over the last three months. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.5%

Shares of PGR stock opened at $266.46 on Tuesday. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 1 year low of $204.62 and a 1 year high of $292.99. The firm’s fifty day simple moving average is $276.19 and its 200 day simple moving average is $264.50. The firm has a market capitalization of $156.20 billion, a P/E ratio of 18.50, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGRGet Free Report) last announced its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS 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 analyst estimates of $21.87 billion. As a group, sell-side analysts predict that The Progressive Co. will post 14.68 EPS for the current year.

Progressive Company Profile

(Free Report)

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.

See Also

Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for The Progressive Co. (NYSE:PGRFree Report).

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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