Phillips Wealth Planners LLC Has $487,000 Holdings in The Progressive Corporation (NYSE:PGR)

Phillips Wealth Planners LLC lowered its position in shares of The Progressive Corporation (NYSE:PGR) by 23.7% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,767 shares of the insurance provider’s stock after selling 550 shares during the quarter. Phillips Wealth Planners LLC’s holdings in Progressive were worth $487,000 as of its most recent SEC filing.

A number of other large investors have also made changes to their positions in the company. Vanguard Group Inc. increased its stake in Progressive by 1.1% in the 4th quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock valued at $12,795,262,000 after buying an additional 583,376 shares during the period. Geode Capital Management LLC increased its stake in Progressive by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider’s stock valued at $3,498,363,000 after buying an additional 189,638 shares during the period. Norges Bank acquired a new position in Progressive in the 4th quarter valued at approximately $1,843,045,000. Northern Trust Corp increased its stake in Progressive by 13.0% in the 4th quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider’s stock valued at $1,480,677,000 after buying an additional 710,684 shares during the period. Finally, Capital Research Global Investors increased its stake in Progressive by 34.3% in the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock valued at $1,451,602,000 after buying an additional 1,547,677 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

NYSE PGR opened at $259.67 on Thursday. 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 company has a fifty day simple moving average of $274.56 and a 200 day simple moving average of $264.55. The company has a market cap 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 Progressive Corporation has a 1 year low of $204.88 and a 1 year high of $292.99.

Progressive (NYSE:PGR) last posted 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 business had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. On average, sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Buying and Selling

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of the stock in a transaction 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 completion of the sale, the director now directly owns 12,429 shares of the company’s stock, valued at $3,451,160.43. This represents a 16.69% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction on Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the completion of the sale, the chief financial officer now directly owns 248,024 shares of the company’s stock, valued at approximately $66,616,766.16. This trade represents a 3.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 42,705 shares of company stock valued at $11,572,448. Company insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. 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 research note on Friday, June 20th. Wall Street Zen upgraded shares of Progressive from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the stock an “overweight” rating in a research report on Monday, May 19th. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $288.00 target price on shares of Progressive in a research report on Thursday, April 17th. Seven research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $288.88.

About Progressive

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.