Mn Services Vermogensbeheer B.V. Sells 15,700 Shares of The Progressive Co. (NYSE:PGR)

Mn Services Vermogensbeheer B.V. lessened its position in shares of The Progressive Co. (NYSE:PGR) by 6.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 215,373 shares of the insurance provider’s stock after selling 15,700 shares during the period. Mn Services Vermogensbeheer B.V.’s holdings in Progressive were worth $60,953,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also bought and sold shares of PGR. Minot DeBlois Advisors LLC bought a new stake in Progressive during the 4th quarter valued at $28,000. Atala Financial Inc bought a new position in shares of Progressive in the 4th quarter worth about $32,000. Global Wealth Strategies & Associates increased its stake in shares of Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 75 shares in the last quarter. Rialto Wealth Management LLC purchased a new stake in Progressive during the 4th quarter valued at about $43,000. Finally, Roxbury Financial LLC purchased a new stake in Progressive during the 4th quarter valued at about $50,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other news, insider Steven Broz sold 1,267 shares of the company’s stock in a transaction dated Friday, May 23rd. The shares were sold at an average price of $277.81, for a total transaction 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. This represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CIO Jonathan S. Bauer sold 1,696 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $479,391.36. Following the completion of the sale, the executive now directly owns 26,697 shares of the company’s stock, valued at $7,546,174.02. The trade was a 5.97% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock valued at $10,367,074 over the last ninety days. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Wells Fargo & Company raised their price objective on shares of Progressive from $324.00 to $328.00 and gave the stock an “overweight” rating in a report on Wednesday, May 7th. BMO Capital Markets boosted their price target 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. Roth Mkm boosted their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. JPMorgan Chase & Co. boosted their target price on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Finally, Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $288.00 target price on shares of Progressive in a report on Thursday, April 17th. Eight research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $288.59.

Progressive Stock Performance

Shares of NYSE PGR opened at $267.58 on Friday. The Progressive Co. has a 12 month low of $204.62 and a 12 month high of $292.99. The company has a 50-day simple moving average of $276.07 and a 200-day simple moving average of $264.53. The company has a market cap of $156.86 billion, a PE ratio of 18.58, 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 current ratio of 0.31 and a quick ratio of 0.30.

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. 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 analysts’ expectations of $21.87 billion. On average, equities analysts anticipate that The Progressive Co. will post 14.68 earnings per share for the current year.

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.