Rakuten Securities Inc. Sells 84 Shares of The Progressive Corporation (NYSE:PGR)

Rakuten Securities Inc. trimmed its holdings in shares of The Progressive Corporation (NYSE:PGR) by 23.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 277 shares of the insurance provider’s stock after selling 84 shares during the quarter. Rakuten Securities Inc.’s holdings in Progressive were worth $78,000 at the end of the most recent reporting period.

Other institutional investors have also recently made changes to their positions in the company. QRG Capital Management Inc. raised its position in Progressive by 36.4% during the first 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. Hennessy Advisors Inc. bought a new position in shares of Progressive during the 1st quarter valued at approximately $3,141,000. Van ECK Associates Corp increased its position in shares of Progressive by 3.4% during the 4th quarter. Van ECK Associates Corp now owns 16,199 shares of the insurance provider’s stock valued at $3,881,000 after purchasing an additional 527 shares during the last quarter. MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH raised its holdings in Progressive by 498.5% during 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 buying an additional 4,212 shares during the period. Finally, Allstate Corp bought a new stake in Progressive in the fourth quarter worth $4,205,000. Institutional investors own 85.34% of the company’s stock.

Progressive Stock Down 0.3%

Shares of NYSE:PGR opened at $265.55 on Wednesday. The business’s 50 day moving average is $276.09 and its 200 day moving average is $264.50. The stock has a market cap of $155.67 billion, a P/E ratio of 17.91, a price-to-earnings-growth ratio of 1.68 and a beta of 0.40. The Progressive Corporation has a 52-week low of $204.88 and a 52-week high of $292.99. The company has a quick ratio of 0.29, a current ratio of 0.29 and a debt-to-equity ratio of 0.24.

Progressive (NYSE:PGR) last posted its quarterly 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. The business had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. Progressive had a return on equity of 33.50% and a net margin of 11.10%. Sell-side analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective on the stock in a research report on Monday, April 28th. Wells Fargo & Company upped their price target on shares of Progressive from $324.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Jefferies Financial Group reduced their price objective on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Barclays raised their price objective 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. Finally, Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $288.00 target price on shares of Progressive in a research note on Thursday, April 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $288.59.

Insider Buying and Selling

In other news, insider Steven Broz sold 1,267 shares of the 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 in the company, valued at approximately $8,025,375.28. This trade represents a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $275.94, for a total transaction of $2,759,400.00. Following the transaction, the chief financial officer now directly owns 258,024 shares in the company, valued at approximately $71,199,142.56. The trade was a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 34,517 shares of company stock valued at $9,451,821 over the last three months. 0.33% of the stock is owned by company insiders.

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.