Harbour Capital Advisors LLC Invests $316,000 in The Progressive Corporation (NYSE:PGR)

Harbour Capital Advisors LLC bought a new stake in The Progressive Corporation (NYSE:PGR) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 1,100 shares of the insurance provider’s stock, valued at approximately $316,000.

A number of other hedge funds and other institutional investors have also modified their holdings of PGR. Integrated Advisors Network LLC increased its position in shares of Progressive by 1.0% during the 1st quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock worth $1,078,000 after purchasing an additional 36 shares during the last quarter. Pines Wealth Management LLC increased its holdings in Progressive by 3.0% during the first quarter. Pines Wealth Management LLC now owns 1,287 shares of the insurance provider’s stock worth $335,000 after buying an additional 37 shares during the last quarter. Contravisory Investment Management Inc. increased its holdings in Progressive by 2.0% during the first quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock worth $549,000 after buying an additional 38 shares during the last quarter. Beacon Financial Group raised its position in Progressive by 1.1% during the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock worth $1,036,000 after acquiring an additional 39 shares in the last quarter. Finally, Kesler Norman & Wride LLC lifted its stake in Progressive by 1.1% in the fourth 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. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Transactions at Progressive

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, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction 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 directly owns 258,024 shares in the company, valued at $71,199,142.56. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,705 shares of company stock worth $11,572,448. Company insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on PGR shares. JPMorgan Chase & Co. lifted their price target on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. Barclays lifted their target price on Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research note on Friday, April 11th. BMO Capital Markets increased their price target on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Roth Mkm raised their price target on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Finally, Wells Fargo & Company upped their price objective on shares of Progressive from $328.00 to $333.00 and gave the company an “overweight” rating in a report on Friday, June 20th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $288.88.

Progressive Stock Down 0.1%

PGR stock opened at $266.04 on Wednesday. The stock has a 50-day simple moving average of $274.89 and a two-hundred day simple moving average of $264.58. The Progressive Corporation has a twelve month low of $204.88 and a twelve month high of $292.99. The firm has a market capitalization of $155.96 billion, a PE ratio of 17.94, a PEG ratio of 1.64 and a beta of 0.40. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last released 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. The firm had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. On average, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

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.