TFC Financial Management Inc. Purchases 54 Shares of The Progressive Corporation (NYSE:PGR)

TFC Financial Management Inc. grew its holdings in shares of The Progressive Corporation (NYSE:PGR) by 30.9% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 229 shares of the insurance provider’s stock after buying an additional 54 shares during the period. TFC Financial Management Inc.’s holdings in Progressive were worth $65,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of PGR. Highline Wealth Partners LLC increased its stake in shares of Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after purchasing an additional 49 shares in the last quarter. HWG Holdings LP purchased a new stake in shares of Progressive in the 1st quarter worth approximately $28,000. Minot DeBlois Advisors LLC purchased a new stake in shares of Progressive in the 4th quarter worth approximately $28,000. Garde Capital Inc. bought a new position in Progressive during the 1st quarter valued at approximately $33,000. Finally, Atala Financial Inc purchased a new position in Progressive during the fourth quarter valued at $32,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Up 0.8%

PGR stock opened at $261.80 on Friday. The company has a market cap of $153.47 billion, a price-to-earnings ratio of 17.65, a P/E/G ratio of 1.60 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 business’s 50-day moving average is $274.49 and its two-hundred day moving average is $264.65. The Progressive Corporation has a fifty-two week low of $207.48 and a fifty-two week high of $292.99.

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

Wall Street Analysts Forecast Growth

PGR has been the subject of several recent analyst reports. BMO Capital Markets lifted their price target on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research report on Thursday, April 17th. Barclays lifted their target price on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a report on Friday, April 11th. Wells Fargo & Company increased their price target on shares of Progressive from $328.00 to $333.00 and gave the company an “overweight” rating in a report on Friday, June 20th. Wall Street Zen raised shares of Progressive from a “hold” rating to a “buy” rating in a research report on Saturday, June 21st. Finally, JPMorgan Chase & Co. upped their price objective on Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research report on Tuesday, April 8th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average target price of $288.88.

Insider Buying and Selling at Progressive

In other Progressive news, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction dated Monday, April 28th. The stock was 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 owns 248,024 shares of the company’s stock, valued at approximately $66,616,766.16. The trade was a 3.88% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Steven Broz sold 1,267 shares of the 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 completion of the sale, the insider now directly owns 28,888 shares of the company’s stock, valued at $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 ninety days, insiders sold 32,705 shares of company stock valued at $8,813,048. Insiders own 0.34% of the company’s stock.

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.