733 Shares in The Progressive Co. (NYSE:PGR) Bought by Legacy Trust

Legacy Trust bought a new position in The Progressive Co. (NYSE:PGR) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund bought 733 shares of the insurance provider’s stock, valued at approximately $207,000.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Rockland Trust Co. purchased a new position in Progressive in the first quarter worth $263,000. Compagnie Lombard Odier SCmA grew its position in Progressive by 11.8% in the first quarter. Compagnie Lombard Odier SCmA now owns 275,336 shares of the insurance provider’s stock worth $77,923,000 after acquiring an additional 29,017 shares in the last quarter. Ferguson Wellman Capital Management Inc. grew its position in Progressive by 0.9% in the first quarter. Ferguson Wellman Capital Management Inc. now owns 13,407 shares of the insurance provider’s stock worth $3,794,000 after acquiring an additional 117 shares in the last quarter. ForthRight Wealth Management LLC raised its position in Progressive by 0.9% in the 1st quarter. ForthRight Wealth Management LLC now owns 7,548 shares of the insurance provider’s stock worth $2,136,000 after purchasing an additional 66 shares during the period. Finally, Sapient Capital LLC purchased a new position in Progressive in the 1st quarter worth $216,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Progressive Trading Up 1.9%

Shares of PGR opened at $268.23 on Friday. The firm’s 50-day moving average price is $275.93 and its 200-day moving average price is $264.55. The firm has a market capitalization of $157.24 billion, a price-to-earnings ratio of 18.63, a PEG ratio of 1.70 and a beta of 0.40. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27. The Progressive Co. has a 1-year low of $202.30 and a 1-year high of $292.99.

Progressive (NYSE:PGR) last announced its 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 analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Sell-side analysts anticipate that The Progressive Co. will post 14.68 EPS for the current year.

Wall Street Analyst Weigh In

PGR has been the topic of a number of analyst reports. Wall Street Zen cut shares of Progressive from a “buy” rating to a “hold” rating in a research report on Wednesday, May 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. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $288.00 target price on shares of Progressive in a research report on Thursday, April 17th. Roth Mkm lifted their target price on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Finally, BMO Capital Markets lifted their target price on shares of Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research report on Thursday, April 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $288.59.

Insider Activity

In related news, CFO John P. Sauerland sold 1,542 shares of the business’s stock in a transaction dated Monday, March 17th. The shares were sold at an average price of $282.66, for a total transaction of $435,861.72. Following the sale, the chief financial officer now owns 268,024 shares of the company’s stock, valued at $75,759,663.84. The trade was a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Dyke Kahina Van sold 2,490 shares of the business’s stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $277.67, for a total transaction of $691,398.30. Following the sale, the director now directly owns 12,429 shares in the company, valued at $3,451,160.43. The trade was a 16.69% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 37,755 shares of company stock valued at $10,367,074. 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.