Loring Wolcott & Coolidge Fiduciary Advisors LLP MA Sells 24,939 Shares of The Progressive Corporation (NYSE:PGR)

Loring Wolcott & Coolidge Fiduciary Advisors LLP MA cut its holdings in shares of The Progressive Corporation (NYSE:PGR) by 55.3% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 20,167 shares of the insurance provider’s stock after selling 24,939 shares during the period. Loring Wolcott & Coolidge Fiduciary Advisors LLP MA’s holdings in Progressive were worth $5,345,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Highline Wealth Partners LLC boosted its position in Progressive by 114.0% during the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 49 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new stake in shares of Progressive during the 4th quarter worth $28,000. HWG Holdings LP purchased a new stake in shares of Progressive during the 1st quarter worth $28,000. Atala Financial Inc bought a new stake in Progressive during the fourth quarter valued at about $32,000. Finally, Garde Capital Inc. purchased a new position in Progressive in the first quarter valued at about $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several analysts have commented on PGR shares. Barclays increased their price target on shares of Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research report on Friday, April 11th. 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 note on Monday, April 28th. Wells Fargo & Company lifted their price target on shares of Progressive from $328.00 to $333.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. Morgan Stanley set a $330.00 price objective on Progressive and gave the company an “overweight” rating in a report on Monday, May 19th. Finally, BMO Capital Markets boosted their target price on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research note on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $288.88.

Insider Activity

In related news, Director Dyke Kahina Van sold 2,490 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the sale, the director now directly owns 12,429 shares of the company’s stock, valued at $3,451,160.43. This trade represents a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $268.59, for a total value of $2,685,900.00. Following the completion of the transaction, the chief financial officer now directly owns 248,024 shares of the company’s stock, valued at $66,616,766.16. The trade was a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 32,705 shares of company stock valued at $8,813,048 in the last ninety days. Insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.8%

Progressive stock opened at $261.80 on Friday. The business’s 50-day simple moving average is $274.49 and its two-hundred day simple moving average is $264.65. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company has a market cap of $153.47 billion, a PE ratio of 17.65, a PEG ratio of 1.60 and a beta of 0.40. The Progressive Corporation has a fifty-two week low of $207.48 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR) last issued its earnings results 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 return on equity of 33.50% and a net margin of 11.10%. The firm had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Equities analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current year.

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.