The Progressive Corporation (NYSE:PGR) Position Reduced by Chevy Chase Trust Holdings LLC

Chevy Chase Trust Holdings LLC cut its position in shares of The Progressive Corporation (NYSE:PGR) by 0.1% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 307,484 shares of the insurance provider’s stock after selling 188 shares during the quarter. Chevy Chase Trust Holdings LLC owned 0.05% of Progressive worth $87,021,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of PGR. Highline Wealth Partners LLC lifted its stake in Progressive by 114.0% during the first quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after buying an additional 49 shares in the last quarter. Minot DeBlois Advisors LLC purchased a new stake in Progressive during the fourth quarter valued at about $28,000. HWG Holdings LP purchased a new stake in Progressive during the first quarter valued at about $28,000. Atala Financial Inc purchased a new stake in Progressive during the fourth quarter valued at about $32,000. Finally, Garde Capital Inc. purchased a new stake in Progressive during the first quarter valued at about $33,000. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 1,267 shares of the company’s stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $260.38, for a total transaction of $329,901.46. Following the completion of the transaction, the insider now directly owns 27,621 shares in the company, valued at $7,191,955.98. The trade was a 4.39% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of the company’s stock in a transaction that occurred on Friday, March 28th. The stock was sold at an average price of $275.94, for a total value of $2,759,400.00. Following the transaction, the chief financial officer now owns 258,024 shares of the company’s stock, valued at approximately $71,199,142.56. This trade represents a 3.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 42,705 shares of company stock worth $11,572,448 over the last three months. 0.33% of the stock is currently owned by insiders.

Progressive Stock Up 1.7%

PGR opened at $266.39 on Tuesday. The business has a 50 day moving average price of $275.09 and a 200 day moving average price of $264.57. The Progressive Corporation has a twelve month low of $204.88 and a twelve month high of $292.99. 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 firm has a market cap of $156.16 billion, a P/E ratio of 17.96, a price-to-earnings-growth ratio of 1.62 and a beta of 0.40.

Progressive (NYSE:PGR) last posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a return on equity of 33.50% and a net margin of 11.10%. The firm had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Research analysts forecast that The Progressive Corporation will post 14.68 EPS for the current year.

Wall Street Analysts Forecast Growth

PGR has been the topic of several research analyst reports. 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. Bank of America raised Progressive from a “neutral” rating to a “buy” rating and set a $312.00 target price on the stock in a research note on Monday, April 28th. Barclays lifted their target price on Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research note on Friday, April 11th. BMO Capital Markets lifted their target price on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Finally, Wall Street Zen raised Progressive from a “hold” rating to a “buy” rating in a research report on Saturday. Seven research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to MarketBeat, Progressive presently has an average rating of “Moderate Buy” and an average 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.