Cottonwood Capital Advisors LLC Sells 250 Shares of The Progressive Corporation (NYSE:PGR)

Cottonwood Capital Advisors LLC reduced its stake in shares of The Progressive Corporation (NYSE:PGR) by 12.9% in the first quarter, according to its most recent filing with the SEC. The fund owned 1,691 shares of the insurance provider’s stock after selling 250 shares during the period. Cottonwood Capital Advisors LLC’s holdings in Progressive were worth $479,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Integrated Advisors Network LLC boosted its stake in Progressive by 1.0% in the first quarter. Integrated Advisors Network LLC now owns 3,808 shares of the insurance provider’s stock worth $1,078,000 after buying an additional 36 shares in the last quarter. Pines Wealth Management LLC boosted its stake 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 purchasing an additional 37 shares in the last quarter. Contravisory Investment Management Inc. raised its position in Progressive by 2.0% in the 1st quarter. Contravisory Investment Management Inc. now owns 1,940 shares of the insurance provider’s stock worth $549,000 after purchasing an additional 38 shares during the period. Beacon Financial Group lifted its stake in Progressive by 1.1% in the first quarter. Beacon Financial Group now owns 3,659 shares of the insurance provider’s stock worth $1,036,000 after purchasing an additional 39 shares during the last quarter. Finally, Kesler Norman & Wride LLC grew its stake in shares of Progressive by 1.1% during the fourth quarter. Kesler Norman & Wride LLC now owns 3,695 shares of the insurance provider’s stock valued at $885,000 after buying an additional 40 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, insider John Jo Murphy sold 4,000 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $260.38, for a total transaction of $1,041,520.00. Following the sale, the insider now directly owns 41,289 shares of the company’s stock, valued at approximately $10,750,829.82. This represents a 8.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the sale, the insider now owns 28,888 shares of the company’s stock, valued at approximately $8,025,375.28. This represents a 4.20% 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. 0.34% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the company. Bank of America upgraded Progressive from a “neutral” rating to a “buy” rating and set a $312.00 target price for the company in a report on Monday, April 28th. JPMorgan Chase & Co. upped their price target on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a report on Tuesday, April 8th. 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. Barclays boosted their price objective 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, Wells Fargo & Company increased their target price on shares of Progressive from $328.00 to $333.00 and gave the stock 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 given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $288.88.

Progressive Stock Down 2.4%

Shares of NYSE:PGR opened at $259.67 on Thursday. The firm has a market capitalization of $152.22 billion, a P/E ratio of 17.51, a P/E/G ratio of 1.64 and a beta of 0.40. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The stock has a 50 day moving average price of $274.56 and a 200-day moving average price of $264.55. The Progressive Corporation has a 52-week low of $204.88 and a 52-week high of $292.99.

Progressive (NYSE:PGR) last released its earnings results 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 net margin of 11.10% and a return on equity of 33.50%. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. As a group, equities research analysts anticipate 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.