Lakeridge Wealth Management LLC Purchases 69 Shares of The Progressive Co. (NYSE:PGR)

Lakeridge Wealth Management LLC boosted its position in shares of The Progressive Co. (NYSE:PGR) by 2.4% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,903 shares of the insurance provider’s stock after purchasing an additional 69 shares during the period. Lakeridge Wealth Management LLC’s holdings in Progressive were worth $822,000 at the end of the most recent quarter.

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

Analyst Ratings Changes

PGR has been the subject of several research reports. Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective for the company in a research report on Monday, April 28th. BMO Capital Markets lifted their price target on shares of Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research report on Thursday, April 17th. Roth Mkm lifted 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. UBS Group lifted their price target on shares of Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Finally, Wells Fargo & Company lifted their price target on shares of Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a research report 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. According to MarketBeat, Progressive presently has a consensus rating of “Moderate Buy” and a consensus price target of $288.59.

Progressive Stock Performance

Shares of PGR stock opened at $267.58 on Friday. The company’s fifty day simple moving average is $276.07 and its 200-day simple moving average is $264.55. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The firm has a market cap of $156.86 billion, a PE ratio of 18.58, a P/E/G ratio of 1.70 and a beta of 0.40. The Progressive Co. has a 12 month low of $203.39 and a 12 month high of $292.99.

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

Insider Buying and Selling at Progressive

In related news, insider Steven Broz sold 1,267 shares of the company’s 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 transaction, the insider now directly owns 28,888 shares in the company, valued at approximately $8,025,375.28. This represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO John P. Sauerland sold 1,542 shares of the company’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the completion of the transaction, the chief financial officer now owns 268,024 shares in the company, valued at $75,759,663.84. This trade represents a 0.57% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock worth $10,367,074 over the last ninety days. Insiders own 0.34% of the company’s stock.

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.