Chevy Chase Trust Holdings LLC Has $87.02 Million Stake in The Progressive Corporation (NYSE:PGR)

Chevy Chase Trust Holdings LLC trimmed its position in The Progressive Corporation (NYSE:PGR) by 0.1% in the first quarter, HoldingsChannel.com reports. The firm owned 307,484 shares of the insurance provider’s stock after selling 188 shares during the period. Chevy Chase Trust Holdings LLC’s holdings in Progressive were worth $87,021,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Highline Wealth Partners LLC raised its stake in shares of Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. Minot DeBlois Advisors LLC acquired a new position in shares of Progressive in the fourth quarter valued at $28,000. HWG Holdings LP acquired a new position in shares of Progressive in the first quarter valued at $28,000. Atala Financial Inc acquired a new position in shares of Progressive in the fourth quarter valued at $32,000. Finally, Garde Capital Inc. acquired a new position in shares of Progressive in the first quarter valued at $33,000. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Progressive

In other Progressive news, Director Stuart B. Burgdoerfer sold 3,681 shares of the stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $260.43, for a total value of $958,642.83. Following the transaction, the director now owns 12,217 shares of the company’s stock, valued at approximately $3,181,673.31. This represents a 23.15% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $275.94, for a total value of $2,759,400.00. Following the completion of the transaction, the chief financial officer now directly owns 258,024 shares in the company, valued at $71,199,142.56. The trade was a 3.73% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 42,705 shares of company stock worth $11,572,448 over the last 90 days. Insiders own 0.33% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $266.39 on Tuesday. The business’s 50-day simple moving average is $275.09 and its 200 day simple moving average is $264.57. The stock has a market cap of $156.16 billion, a price-to-earnings ratio of 17.96, a P/E/G ratio of 1.62 and a beta of 0.40. The Progressive Corporation has a 12-month low of $204.88 and a 12-month high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.28 by $0.37. The business had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. As a group, research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current year.

Wall Street Analyst Weigh In

PGR has been the subject of a number of recent research reports. JPMorgan Chase & Co. upped their target price on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Wall Street Zen upgraded Progressive from a “hold” rating to a “buy” rating in a research report on Saturday. Jefferies Financial Group lowered their price target on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Barclays upped their price target on Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research report on Friday, April 11th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. Seven analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $288.88.

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.