ForthRight Wealth Management LLC Increases Position in The Progressive Co. (NYSE:PGR)

ForthRight Wealth Management LLC increased its position in shares of The Progressive Co. (NYSE:PGR) by 0.9% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 7,548 shares of the insurance provider’s stock after purchasing an additional 66 shares during the period. Progressive makes up approximately 0.7% of ForthRight Wealth Management LLC’s portfolio, making the stock its 23rd largest position. ForthRight Wealth Management LLC’s holdings in Progressive were worth $2,136,000 at the end of the most recent quarter.

Other large investors have also recently added to or reduced their stakes in the company. Minot DeBlois Advisors LLC purchased a new position in Progressive during the fourth quarter worth about $28,000. Atala Financial Inc purchased a new position in Progressive during the fourth quarter worth about $32,000. Global Wealth Strategies & Associates increased its holdings in Progressive by 119.0% in the first quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock valued at $39,000 after buying an additional 75 shares in the last quarter. Rialto Wealth Management LLC purchased a new position in Progressive in the fourth quarter valued at about $43,000. Finally, Roxbury Financial LLC purchased a new position in Progressive in the fourth quarter valued at about $50,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on the stock. Bank of America raised shares of 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. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the company an “overweight” rating in a report on Monday, May 19th. BMO Capital Markets increased their target price on shares of Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a report on Thursday, April 17th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and issued a $288.00 target price on shares of Progressive in a report on Thursday, April 17th. Finally, JPMorgan Chase & Co. increased their target price on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a report on Tuesday, April 8th. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to MarketBeat.com, Progressive presently has an average rating of “Moderate Buy” and a consensus target price of $288.59.

Insider Buying and Selling

In other Progressive news, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction 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 transaction, the insider now owns 28,888 shares in the company, valued at $8,025,375.28. This trade represents a 4.20% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CFO John P. Sauerland sold 1,542 shares of Progressive stock in a transaction on Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the completion of the transaction, the chief financial officer now owns 268,024 shares in the company, valued at approximately $75,759,663.84. This trade represents a 0.57% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,755 shares of company stock worth $10,367,074. 0.34% of the stock is owned by insiders.

Progressive Stock Down 1.0%

Shares of NYSE PGR opened at $262.94 on Thursday. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The firm’s 50 day moving average price is $275.67 and its 200 day moving average price is $264.53. The firm has a market cap of $154.14 billion, a P/E ratio of 18.26, a price-to-earnings-growth ratio of 1.70 and a beta of 0.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The firm had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. As a group, sell-side analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

Progressive 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.