Petros Family Wealth LLC Boosts Holdings in The Progressive Corporation (NYSE:PGR)

Petros Family Wealth LLC increased its holdings in The Progressive Corporation (NYSE:PGR) by 13.4% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,883 shares of the insurance provider’s stock after buying an additional 222 shares during the quarter. Petros Family Wealth LLC’s holdings in Progressive were worth $533,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Progressive by 15.6% during the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in Progressive during the fourth quarter valued at approximately $269,000. Highview Capital Management LLC DE lifted its holdings in Progressive by 3.2% during the fourth quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider’s stock valued at $2,645,000 after purchasing an additional 339 shares in the last quarter. Pinnacle Financial Partners Inc lifted its holdings in Progressive by 7.1% during the fourth quarter. Pinnacle Financial Partners Inc now owns 5,860 shares of the insurance provider’s stock valued at $1,432,000 after purchasing an additional 386 shares in the last quarter. Finally, First Horizon Advisors Inc. lifted its holdings in Progressive by 6.0% during the fourth quarter. First Horizon Advisors Inc. now owns 2,300 shares of the insurance provider’s stock valued at $551,000 after purchasing an additional 131 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

PGR has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a report on Tuesday, April 8th. Barclays lifted their price target on shares of Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a report on Friday, April 11th. Wells Fargo & Company lifted their price target on shares of Progressive from $328.00 to $333.00 and gave the company an “overweight” rating in a report on Friday. Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective on the stock in a research report on Monday, April 28th. Finally, BMO Capital Markets lifted their price objective on shares of Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus price target of $288.88.

Insider Buying and Selling at Progressive

In other news, insider John Jo Murphy sold 4,000 shares of the business’s stock in a transaction on Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the completion of the sale, the insider now directly owns 41,289 shares of the company’s stock, valued at approximately $10,750,829.82. The trade was a 8.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Steven Broz sold 1,267 shares of the business’s stock in a transaction 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 42,705 shares of company stock worth $11,572,448 over the last quarter. Insiders own 0.33% of the company’s stock.

Progressive Trading Up 1.7%

Shares of PGR opened at $266.39 on Tuesday. The company’s fifty day moving average is $275.09 and its 200 day moving average is $264.57. The Progressive Corporation has a fifty-two week low of $204.88 and a fifty-two week high of $292.99. The stock has a market capitalization of $156.16 billion, a PE ratio of 17.96, a P/E/G ratio of 1.62 and a beta of 0.40. 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 data 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 net margin of 11.10% and a return on equity of 33.50%. The business had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. Sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

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.