Cushing Capital Partners LLC Buys New Shares in The Progressive Corporation (NYSE:PGR)

Cushing Capital Partners LLC purchased a new position in The Progressive Corporation (NYSE:PGR) during the 1st quarter, according to its most recent 13F filing with the SEC. The firm purchased 1,125 shares of the insurance provider’s stock, valued at approximately $318,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Highline Wealth Partners LLC grew its position in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after buying an additional 49 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new position in Progressive in the 4th quarter valued at approximately $28,000. Atala Financial Inc bought a new stake in shares of Progressive in the 4th quarter worth approximately $32,000. Global Wealth Strategies & Associates grew its holdings in shares of Progressive by 119.0% during the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 75 shares in the last quarter. Finally, Rialto Wealth Management LLC acquired a new stake in shares of Progressive during the 4th quarter worth approximately $43,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Stock Performance

NYSE PGR opened at $265.55 on Wednesday. The firm has a market cap of $155.67 billion, a price-to-earnings ratio of 17.91, a PEG ratio of 1.68 and a beta of 0.40. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 1-year low of $204.88 and a 1-year high of $292.99. The company has a 50 day moving average of $276.09 and a 200-day moving average of $264.50.

Progressive (NYSE:PGR) last released 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 return on equity of 33.50% and a net margin of 11.10%. The firm had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. On average, equities analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insider Transactions at Progressive

In other Progressive news, Director Devin C. Johnson sold 400 shares of the company’s stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $275.04, for a total transaction of $110,016.00. Following the transaction, the director now owns 8,370 shares of the company’s stock, valued at approximately $2,302,084.80. This represents a 4.56% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Carl G. Joyce sold 360 shares of Progressive stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the completion of the sale, the chief accounting officer now directly owns 655 shares of the company’s stock, valued at $180,891.35. This trade represents a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 34,517 shares of company stock worth $9,451,821. Insiders own 0.33% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of a number of recent research reports. Bank of America upgraded Progressive from a “neutral” rating to a “buy” rating and set a $312.00 target price for the company in a research note on Monday, April 28th. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. 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 research note on Friday, April 11th. Finally, Barclays raised 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. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $288.59.

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.