Trueblood Wealth Management LLC Buys 144 Shares of The Progressive Co. (NYSE:PGR)

Trueblood Wealth Management LLC increased its stake in shares of The Progressive Co. (NYSE:PGR) by 11.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,437 shares of the insurance provider’s stock after purchasing an additional 144 shares during the quarter. Trueblood Wealth Management LLC’s holdings in Progressive were worth $407,000 at the end of the most recent quarter.

Other hedge funds have also modified their holdings of the company. Vivid Wealth Management LLC bought a new stake in shares of Progressive during the fourth quarter valued at approximately $2,143,000. Van ECK Associates Corp lifted its holdings in Progressive by 3.4% in the fourth quarter. Van ECK Associates Corp now owns 16,199 shares of the insurance provider’s stock valued at $3,881,000 after buying an additional 527 shares during the period. Allstate Corp acquired a new position in Progressive in the fourth quarter valued at approximately $4,205,000. Baird Financial Group Inc. lifted its holdings in Progressive by 3.1% in the fourth quarter. Baird Financial Group Inc. now owns 3,667,903 shares of the insurance provider’s stock valued at $878,866,000 after buying an additional 111,659 shares during the period. Finally, Jump Financial LLC lifted its holdings in Progressive by 16.8% in the fourth quarter. Jump Financial LLC now owns 86,076 shares of the insurance provider’s stock valued at $20,625,000 after buying an additional 12,351 shares during the period. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of a number of recent analyst reports. Bank of America raised shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a research report on Monday, April 28th. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday, May 21st. Jefferies Financial Group cut their price objective on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. Finally, Roth Mkm boosted their price target on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Eight analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average price target of $288.59.

Insider Activity

In related news, CIO Jonathan S. Bauer sold 1,696 shares of the business’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $479,391.36. Following the completion of the transaction, the executive now directly owns 26,697 shares of the company’s stock, valued at $7,546,174.02. The trade was a 5.97% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 1,267 shares of the stock in a transaction dated Friday, May 23rd. The shares were 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 directly owns 28,888 shares in the company, 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. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 1.0%

Shares of PGR stock opened at $262.94 on Thursday. The stock’s fifty day moving average is $275.67 and its two-hundred day moving average is $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. The firm has a market capitalization 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.

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