St. Clair Advisors LLC Sells 4,170 Shares of The Progressive Corporation (NYSE:PGR)

St. Clair Advisors LLC cut its stake in shares of The Progressive Corporation (NYSE:PGR) by 5.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 72,021 shares of the insurance provider’s stock after selling 4,170 shares during the quarter. Progressive makes up approximately 5.7% of St. Clair Advisors LLC’s portfolio, making the stock its 4th biggest position. St. Clair Advisors LLC’s holdings in Progressive were worth $20,383,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. State of Alaska Department of Revenue lifted its stake in shares of Progressive by 2.7% in the 1st quarter. State of Alaska Department of Revenue now owns 68,644 shares of the insurance provider’s stock valued at $19,426,000 after purchasing an additional 1,800 shares during the period. QRG Capital Management Inc. lifted its stake in shares of Progressive by 36.4% in the 1st quarter. QRG Capital Management Inc. now owns 126,826 shares of the insurance provider’s stock valued at $35,893,000 after purchasing an additional 33,864 shares during the period. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH lifted its stake in shares of Progressive by 498.5% in the 1st quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH now owns 5,057 shares of the insurance provider’s stock valued at $1,431,000 after purchasing an additional 4,212 shares during the period. Hennessy Advisors Inc. acquired a new position in Progressive during the 1st quarter worth approximately $3,141,000. Finally, Janney Montgomery Scott LLC raised its stake in Progressive by 16.5% during the 1st quarter. Janney Montgomery Scott LLC now owns 93,463 shares of the insurance provider’s stock worth $26,451,000 after buying an additional 13,231 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Dyke Kahina Van sold 2,490 shares of the company’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total value of $691,398.30. Following the completion of the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,267 shares of the company’s stock in a transaction that occurred on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total value of $351,985.27. Following the completion of the transaction, the insider now owns 28,888 shares in the company, valued at approximately $8,025,375.28. The trade was a 4.20% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 32,705 shares of company stock valued at $8,813,048 over the last three months. Corporate insiders own 0.34% of the company’s stock.

Progressive Stock Performance

Shares of PGR opened at $263.85 on Friday. 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 $274.46 and a two-hundred day moving average price of $264.76. The firm has a market capitalization of $154.68 billion, a P/E ratio of 17.79, a P/E/G ratio of 1.61 and a beta of 0.40. The Progressive Corporation has a 52 week low of $207.48 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 (EPS) for the quarter, beating the consensus estimate of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Equities analysts forecast that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Analyst Ratings Changes

A number of research firms recently weighed in on PGR. Wall Street Zen raised Progressive from a “hold” rating to a “buy” rating in a research note on Saturday, June 21st. BMO Capital Markets upped their price target on Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research note on Thursday, April 17th. JPMorgan Chase & Co. upped their price target on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research note on Tuesday, April 8th. Barclays upped their price target on Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research note on Friday, April 11th. Finally, Jefferies Financial Group dropped their price target on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research note on Friday, April 11th. Seven equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $288.88.

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.