Allspring Global Investments Holdings LLC Reduces Holdings in The Progressive Corporation (NYSE:PGR)

Allspring Global Investments Holdings LLC reduced its holdings in shares of The Progressive Corporation (NYSE:PGR) by 11.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 872,656 shares of the insurance provider’s stock after selling 112,547 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Progressive were worth $248,087,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC boosted its stake in shares of Progressive by 15.6% during the 4th quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock worth $813,000 after purchasing an additional 457 shares during the last quarter. Revolve Wealth Partners LLC acquired a new stake in shares of Progressive during the 4th quarter worth about $269,000. Highview Capital Management LLC DE boosted its stake in shares of Progressive by 3.2% during the 4th quarter. Highview Capital Management LLC DE now owns 11,040 shares of the insurance provider’s stock worth $2,645,000 after purchasing an additional 339 shares during the last quarter. Oppenheimer & Co. Inc. boosted its stake in shares of Progressive by 85.7% during the 4th quarter. Oppenheimer & Co. Inc. now owns 14,953 shares of the insurance provider’s stock worth $3,583,000 after purchasing an additional 6,901 shares during the last quarter. Finally, Illumine Investment Management LLC acquired a new stake in shares of Progressive during the 4th quarter worth about $1,785,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PGR. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $288.00 price target on shares of Progressive in a research note on Thursday, April 17th. Barclays raised their price target on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research note on Friday, April 11th. Jefferies Financial Group decreased their price target on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Wall Street Zen raised shares of Progressive from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. Finally, Bank of America raised shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price target on the stock in a research note on Monday, April 28th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $288.88.

Progressive Price Performance

PGR opened at $263.85 on Friday. The company’s 50 day simple moving average is $274.46 and its 200 day simple moving average is $264.76. 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 Progressive Corporation has a 1 year low of $207.48 and a 1 year high of $292.99. The stock has a market capitalization of $154.68 billion, a PE ratio of 17.79, a P/E/G ratio of 1.61 and a beta of 0.40.

Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating analysts’ consensus estimates 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%. As a group, sell-side analysts expect that The Progressive Corporation will post 14.68 EPS for the current year.

Insider Buying and Selling 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 shares were sold at an average price of $277.81, for a total transaction of $351,985.27. Following the transaction, the insider now directly owns 28,888 shares of the company’s stock, valued at $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred 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 transaction, the chief financial officer now directly owns 248,024 shares in the company, 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. Insiders have sold a total of 32,705 shares of company stock valued at $8,813,048 over the last ninety days. Corporate 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.