Falcon Wealth Planning Boosts Position in The Progressive Corporation (NYSE:PGR)

Falcon Wealth Planning lifted its position in The Progressive Corporation (NYSE:PGR) by 13.2% during the first quarter, HoldingsChannel reports. The institutional investor owned 1,105 shares of the insurance provider’s stock after purchasing an additional 129 shares during the period. Falcon Wealth Planning’s holdings in Progressive were worth $313,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. PDS Planning Inc grew its stake in Progressive by 6.0% during the first quarter. PDS Planning Inc now owns 3,183 shares of the insurance provider’s stock valued at $901,000 after acquiring an additional 180 shares in the last quarter. Bank of Stockton boosted its holdings in Progressive by 1.5% in the 1st quarter. Bank of Stockton now owns 9,677 shares of the insurance provider’s stock valued at $2,739,000 after purchasing an additional 141 shares during the period. GenTrust LLC grew its position in shares of Progressive by 3.5% during the 1st quarter. GenTrust LLC now owns 1,234 shares of the insurance provider’s stock valued at $349,000 after purchasing an additional 42 shares in the last quarter. KG&L Capital Management LLC increased its holdings in shares of Progressive by 8.9% in the first quarter. KG&L Capital Management LLC now owns 2,417 shares of the insurance provider’s stock worth $684,000 after purchasing an additional 198 shares during the period. Finally, Goldstein Advisors LLC raised its position in shares of Progressive by 5.1% in the first quarter. Goldstein Advisors LLC now owns 1,157 shares of the insurance provider’s stock worth $327,000 after buying an additional 56 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

PGR stock opened at $261.80 on Friday. The firm has a market cap of $153.47 billion, a P/E ratio of 17.65, a P/E/G ratio of 1.60 and a beta of 0.40. The firm’s fifty day moving average is $274.49 and its 200 day moving average is $264.65. The Progressive Corporation has a 52 week low of $207.48 and a 52 week high of $292.99. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29.

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 during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. Research analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on PGR shares. JPMorgan Chase & Co. boosted their target price on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. Morgan Stanley set a $330.00 price objective on Progressive and gave the stock an “overweight” rating in a report on Monday, May 19th. BMO Capital Markets upped their price objective on shares of Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research report on Thursday, April 17th. Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 target price for the company in a research report on Monday, April 28th. Finally, Barclays boosted 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. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $288.88.

Insider Activity

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the completion of the sale, the chief financial officer now owns 248,024 shares of the company’s stock, valued at $66,616,766.16. This represents a 3.88% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $329,901.46. Following the completion of the sale, the insider now directly owns 27,621 shares in the company, valued at approximately $7,191,955.98. This trade represents a 4.39% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 32,705 shares of company stock valued at $8,813,048. Insiders own 0.34% of the company’s stock.

Progressive Company 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.