The Progressive Co. (NYSE:PGR) Holdings Decreased by Patton Fund Management Inc.

Patton Fund Management Inc. trimmed its position in The Progressive Co. (NYSE:PGR) by 22.8% in the first quarter, Holdings Channel.com reports. The fund owned 13,617 shares of the insurance provider’s stock after selling 4,024 shares during the period. Patton Fund Management Inc.’s holdings in Progressive were worth $3,854,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also made changes to their positions in the company. Integrated Advisors Network LLC increased its holdings in shares of Progressive by 1.0% in the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock valued at $1,078,000 after acquiring an additional 36 shares during the last quarter. Pines Wealth Management LLC increased its holdings in shares of Progressive by 3.0% in the 1st quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock valued at $335,000 after acquiring an additional 37 shares during the last quarter. Contravisory Investment Management Inc. increased its holdings in shares of Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock valued at $549,000 after acquiring an additional 38 shares during the last quarter. Beacon Financial Group increased its holdings in shares of Progressive by 1.1% in the 1st quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock valued at $1,036,000 after acquiring an additional 39 shares during the last quarter. Finally, Kesler Norman & Wride LLC increased its holdings in shares of Progressive by 1.1% in the 4th quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock valued at $885,000 after acquiring an additional 40 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Progressive Trading Down 0.5%

NYSE:PGR opened at $266.46 on Tuesday. The Progressive Co. has a 1 year low of $204.62 and a 1 year high of $292.99. The stock has a market cap of $156.20 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 1.70 and a beta of 0.40. The business has a fifty day moving average of $276.19 and a 200-day moving average of $264.50. 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 announced 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 business had revenue of $22.21 billion during 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%. Equities analysts predict that The Progressive Co. will post 14.68 earnings per share for the current year.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on PGR. Wells Fargo & Company upped their price objective on Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 7th. Morgan Stanley set a $330.00 price objective on Progressive and gave the stock an “overweight” rating in a research note on Monday, May 19th. Wall Street Zen downgraded Progressive from a “buy” rating to a “hold” rating in a research note on Wednesday, May 21st. BMO Capital Markets upped their price objective on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research note on Thursday, April 17th. Finally, Keefe, Bruyette & Woods restated a “market perform” rating and set a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $288.59.

Insider Activity

In other news, CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction 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 completion of the sale, the chief accounting officer now owns 655 shares in the company, valued at $180,891.35. This represents a 35.47% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Devin C. Johnson sold 400 shares of the company’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $275.04, for a total value of $110,016.00. Following the completion of the sale, the director now owns 8,370 shares of the company’s stock, valued at approximately $2,302,084.80. This trade represents a 4.56% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 34,517 shares of company stock worth $9,451,821 over the last 90 days. 0.34% of the stock is currently owned by company insiders.

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.