Petros Family Wealth LLC Raises Stake in The Progressive Corporation (NYSE:PGR)

Petros Family Wealth LLC increased its holdings in The Progressive Corporation (NYSE:PGR) by 13.4% in the first quarter, Holdings Channel reports. The fund owned 1,883 shares of the insurance provider’s stock after purchasing an additional 222 shares during the quarter. Petros Family Wealth LLC’s holdings in Progressive were worth $533,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in PGR. Highline Wealth Partners LLC lifted its stake in Progressive by 114.0% in the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock worth $26,000 after acquiring an additional 49 shares during the period. Minot DeBlois Advisors LLC purchased a new stake in Progressive in the fourth quarter worth about $28,000. HWG Holdings LP purchased a new stake in Progressive in the first quarter worth about $28,000. Atala Financial Inc purchased a new stake in Progressive in the fourth quarter worth about $32,000. Finally, Garde Capital Inc. purchased a new stake in Progressive in the first quarter worth about $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Stock Performance

PGR opened at $266.39 on Tuesday. The Progressive Corporation has a 52-week low of $204.88 and a 52-week high of $292.99. The firm’s 50-day moving average price is $275.09 and its 200-day moving average price is $264.57. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24. The company has a market cap of $156.16 billion, a P/E ratio of 17.96, a price-to-earnings-growth ratio of 1.62 and a beta of 0.40.

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

Insider Buying and Selling

In related news, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total value of $691,398.30. Following the transaction, the director now owns 12,429 shares in the company, valued at approximately $3,451,160.43. This represents a 16.69% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $275.94, for a total value of $2,759,400.00. Following the completion of the sale, the chief financial officer now owns 258,024 shares in the company, valued at approximately $71,199,142.56. This represents a 3.73% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 42,705 shares of company stock worth $11,572,448. 0.33% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have commented on PGR shares. Keefe, Bruyette & Woods reissued a “market perform” rating and set a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. Morgan Stanley set a $330.00 price target on shares of Progressive and gave the company an “overweight” rating in a research report on Monday, May 19th. Jefferies Financial Group decreased their price target on shares of Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research report on Friday, April 11th. 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. Finally, BMO Capital Markets increased their price target on shares of Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $288.88.

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.