Capital Investment Advisors LLC Grows Position in The Progressive Co. (NYSE:PGR)

Capital Investment Advisors LLC boosted its holdings in shares of The Progressive Co. (NYSE:PGR) by 213.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 4,863 shares of the insurance provider’s stock after purchasing an additional 3,311 shares during the quarter. Capital Investment Advisors LLC’s holdings in Progressive were worth $1,376,000 as of its most recent SEC filing.

Other hedge funds also recently bought and sold shares of the company. Brighton Jones LLC raised its stake in shares of Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares during the period. Revolve Wealth Partners LLC bought a new position in Progressive during the 4th quarter worth about $269,000. Golden State Wealth Management LLC bought a new position in Progressive during the 4th quarter worth about $119,000. Kingsview Wealth Management LLC grew its holdings in Progressive by 7.2% during the 4th quarter. Kingsview Wealth Management LLC now owns 2,145 shares of the insurance provider’s stock worth $514,000 after acquiring an additional 144 shares in the last quarter. Finally, Quotient Wealth Partners LLC grew its holdings in Progressive by 4.8% during the 4th quarter. Quotient Wealth Partners LLC now owns 1,584 shares of the insurance provider’s stock worth $380,000 after acquiring an additional 72 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the transaction, the chief financial officer now owns 238,024 shares in the company, valued at $65,544,668.88. The trade was a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total value of $351,985.27. Following the transaction, the insider now owns 28,888 shares in the company, valued at approximately $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 quarter, insiders have sold 37,755 shares of company stock valued at $10,367,074. 0.34% of the stock is owned by company insiders.

Progressive Price Performance

Progressive stock opened at $271.24 on Tuesday. The company’s fifty day moving average price is $275.99 and its 200 day moving average price is $264.54. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The stock has a market capitalization of $159.01 billion, a P/E ratio of 18.84, a P/E/G ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

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

Wall Street Analyst Weigh In

PGR has been the topic of several recent research reports. Keefe, Bruyette & Woods reiterated a “market perform” rating and set a $288.00 target price on shares of Progressive in a report on Thursday, April 17th. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, May 21st. Morgan Stanley set a $330.00 price objective on shares of Progressive and gave the company an “overweight” rating in a research report on Monday, May 19th. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research report on Tuesday, April 8th. Finally, Barclays raised their price target on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research report on Friday, April 11th. Eight research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $288.59.

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.