Mn Services Vermogensbeheer B.V. Has $60.95 Million Stock Position in The Progressive Co. (NYSE:PGR)

Mn Services Vermogensbeheer B.V. reduced its position in The Progressive Co. (NYSE:PGR) by 6.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 215,373 shares of the insurance provider’s stock after selling 15,700 shares during the quarter. Mn Services Vermogensbeheer B.V.’s holdings in Progressive were worth $60,953,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. Vivid Wealth Management LLC acquired a new stake in Progressive in the fourth quarter worth about $2,143,000. Van ECK Associates Corp lifted its holdings in shares of Progressive by 3.4% during the 4th quarter. Van ECK Associates Corp now owns 16,199 shares of the insurance provider’s stock valued at $3,881,000 after purchasing an additional 527 shares in the last quarter. Allstate Corp bought a new stake in Progressive in the 4th quarter valued at approximately $4,205,000. Baird Financial Group Inc. raised its stake in shares of Progressive by 3.1% during the 4th quarter. Baird Financial Group Inc. now owns 3,667,903 shares of the insurance provider’s stock worth $878,866,000 after purchasing an additional 111,659 shares in the last quarter. Finally, Jump Financial LLC raised its stake in shares of Progressive by 16.8% during the 4th quarter. Jump Financial LLC now owns 86,076 shares of the insurance provider’s stock worth $20,625,000 after purchasing an additional 12,351 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Insider Activity at Progressive

In related news, CFO John P. Sauerland sold 1,542 shares of Progressive stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $282.66, for a total value of $435,861.72. Following the completion of the sale, the chief financial officer now owns 268,024 shares in the company, valued at approximately $75,759,663.84. This trade represents a 0.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the completion of the transaction, the insider now directly owns 28,888 shares of the company’s stock, valued at $8,025,375.28. This represents a 4.20% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 37,755 shares of company stock valued at $10,367,074. 0.34% of the stock is owned by corporate insiders.

Progressive Stock Down 0.3%

Shares of NYSE PGR opened at $267.58 on Friday. The firm has a 50-day simple moving average of $276.07 and a two-hundred day simple moving average of $264.53. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The Progressive Co. has a 1 year low of $204.62 and a 1 year high of $292.99. The company has a market cap of $156.86 billion, a P/E ratio of 18.58, a PEG ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.28 by $0.37. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The business had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Research analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Analyst Upgrades and Downgrades

PGR has been the topic of a number of research reports. Roth Mkm upped their price objective on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. JPMorgan Chase & Co. upped their price objective on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. 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 report on Monday, April 28th. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $288.00 price target on shares of Progressive in a research note on Thursday, April 17th. Finally, Jefferies Financial Group decreased their target price on Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $288.59.

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.