Trivant Custom Portfolio Group LLC Invests $1.03 Million in The Progressive Corporation (NYSE:PGR)

Trivant Custom Portfolio Group LLC bought a new stake in The Progressive Corporation (NYSE:PGR) in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 3,655 shares of the insurance provider’s stock, valued at approximately $1,034,000.

A number of other hedge funds have also recently added to or reduced their stakes in the company. Highline Wealth Partners LLC boosted its holdings in shares of Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after acquiring an additional 49 shares during the period. Minot DeBlois Advisors LLC purchased a new stake in Progressive in the 4th quarter valued at $28,000. Atala Financial Inc acquired a new stake in Progressive during the 4th quarter worth $32,000. Global Wealth Strategies & Associates grew its position in Progressive by 119.0% during the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock worth $39,000 after purchasing an additional 75 shares during the last quarter. Finally, Rialto Wealth Management LLC acquired a new position in Progressive in the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Price Performance

PGR stock opened at $260.31 on Thursday. The firm has a 50 day moving average of $275.88 and a 200-day moving average of $264.47. The company has a market cap of $152.60 billion, a price-to-earnings ratio of 17.55, a PEG ratio of 1.67 and a beta of 0.40. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.24. The Progressive Corporation has a 12-month low of $204.88 and a 12-month high of $292.99.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. The firm had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. As a group, equities analysts expect that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Wall Street Analyst Weigh In

PGR has been the subject of several recent research reports. Wells Fargo & Company increased their target price on shares of 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 report on Monday, May 19th. BMO Capital Markets lifted their target price on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Barclays upped their price target on Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research note on Friday, April 11th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $288.00 price objective on shares of Progressive in a research report on Thursday, April 17th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Progressive currently has a consensus rating of “Moderate Buy” and an average target price of $288.59.

Insider Transactions at Progressive

In other news, CAO Carl G. Joyce sold 360 shares of the firm’s stock in a transaction that occurred on Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the completion of the transaction, the chief accounting officer now directly owns 655 shares of the company’s stock, valued at $180,891.35. This trade represents a 35.47% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total value of $2,753,700.00. Following the transaction, the chief financial officer now owns 238,024 shares of the company’s stock, valued at $65,544,668.88. This represents a 4.03% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,517 shares of company stock valued at $9,451,821 in the last 90 days. 0.34% of the stock is currently owned by 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.