Tran Capital Management L.P. Has $12.68 Million Stake in The Progressive Co. (NYSE:PGR)

Tran Capital Management L.P. lowered its position in shares of The Progressive Co. (NYSE:PGR) by 9.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 44,798 shares of the insurance provider’s stock after selling 4,690 shares during the period. Progressive comprises about 1.7% of Tran Capital Management L.P.’s portfolio, making the stock its 22nd biggest position. Tran Capital Management L.P.’s holdings in Progressive were worth $12,678,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Vanguard Group Inc. grew its holdings in shares of Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock worth $12,795,262,000 after purchasing an additional 583,376 shares during the last quarter. Geode Capital Management LLC raised its holdings in Progressive by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider’s stock valued at $3,498,363,000 after buying an additional 189,638 shares during the last quarter. Norges Bank acquired a new stake in Progressive during the 4th quarter worth approximately $1,843,045,000. Northern Trust Corp grew its holdings in Progressive by 13.0% during the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider’s stock worth $1,480,677,000 after acquiring an additional 710,684 shares during the last quarter. Finally, Capital Research Global Investors grew its holdings in Progressive by 34.3% during the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock worth $1,451,602,000 after acquiring an additional 1,547,677 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling at Progressive

In other Progressive news, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the insider now owns 28,888 shares of the company’s stock, valued at approximately $8,025,375.28. This trade represents a 4.20% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction that occurred on Friday, March 21st. The stock was sold at an average price of $276.17, for a total value of $99,421.20. Following the transaction, the chief accounting officer now directly owns 655 shares in the company, valued at $180,891.35. The trade was a 35.47% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 37,755 shares of company stock valued at $10,367,074. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

PGR has been the subject of several analyst reports. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the company an “overweight” rating in a research note on Monday, May 19th. Roth Mkm increased 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. UBS Group lifted their target price on Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a report on Wednesday, May 28th. Jefferies Financial Group reduced their price target on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Finally, Wells Fargo & Company increased their price target on Progressive from $324.00 to $328.00 and gave the company an “overweight” rating in a research note on Wednesday, May 7th. Eight investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $288.59.

Progressive Trading Down 1.0%

Shares of PGR stock opened at $262.94 on Thursday. The company has a market cap of $154.14 billion, a P/E ratio of 18.26, a PEG ratio of 1.70 and a beta of 0.40. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $292.99. The stock has a 50 day simple moving average of $275.67 and a two-hundred day simple moving average of $264.53. 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 data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts forecast that The Progressive Co. will post 14.68 earnings per share for the current 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.