Shepherd Financial Partners LLC Buys 916 Shares of The Progressive Corporation (NYSE:PGR)

Shepherd Financial Partners LLC boosted its position in The Progressive Corporation (NYSE:PGR) by 4.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 21,235 shares of the insurance provider’s stock after acquiring an additional 916 shares during the quarter. Shepherd Financial Partners LLC’s holdings in Progressive were worth $6,010,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also added to or reduced their stakes in PGR. Brighton Jones LLC boosted its holdings in shares of Progressive by 15.6% in the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new position in shares of Progressive during the 4th quarter valued at about $269,000. Van ECK Associates Corp lifted 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 worth $3,881,000 after buying an additional 527 shares during the last quarter. Allworth Financial LP lifted its position in Progressive by 14.3% in the 4th quarter. Allworth Financial LP now owns 8,356 shares of the insurance provider’s stock worth $1,999,000 after buying an additional 1,043 shares during the last quarter. Finally, Valmark Advisers Inc. boosted its stake in Progressive by 17.3% in the fourth quarter. Valmark Advisers Inc. now owns 2,750 shares of the insurance provider’s stock worth $659,000 after buying an additional 405 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.3%

NYSE PGR opened at $265.55 on Wednesday. The Progressive Corporation has a 1 year low of $204.88 and a 1 year high of $292.99. The stock has a market capitalization of $155.67 billion, a PE ratio of 17.91, a PEG ratio of 1.68 and a beta of 0.40. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.29 and a quick ratio of 0.29. The business’s 50-day moving average is $276.09 and its 200 day moving average is $264.50.

Progressive (NYSE:PGR) last issued its quarterly earnings data 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. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The firm had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Sell-side analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current year.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction that occurred on Friday, May 23rd. The stock was sold at an average price of $277.81, for a total transaction of $351,985.27. Following the sale, the insider now directly owns 28,888 shares of the company’s stock, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 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 owns 655 shares in the company, valued at $180,891.35. This trade represents a 35.47% decrease in their position. The disclosure for this sale can be found here. Insiders sold 34,517 shares of company stock valued at $9,451,821 over the last quarter. 0.33% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of research analysts have commented on the stock. Barclays increased their price target on shares of Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research report on Friday, April 11th. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the company an “overweight” rating in a report on Monday, May 19th. BMO Capital Markets lifted their target price 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. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $288.00 price objective on shares of Progressive in a research note on Thursday, April 17th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. According to data from MarketBeat, Progressive has an average rating of “Moderate Buy” and an average price target of $288.59.

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.