The Progressive Co. (NYSE:PGR) Shares Bought by Brighton Jones LLC

Brighton Jones LLC grew its position in shares of The Progressive Co. (NYSE:PGRFree Report) by 16.9% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,965 shares of the insurance provider’s stock after purchasing an additional 573 shares during the period. Brighton Jones LLC’s holdings in Progressive were worth $1,122,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. lifted its stake in Progressive by 1.1% during the fourth quarter. Vanguard Group Inc. now owns 53,400,366 shares of the insurance provider’s stock worth $12,795,262,000 after purchasing an additional 583,376 shares in the last quarter. Geode Capital Management LLC increased its position in shares of Progressive by 1.3% during the fourth quarter. Geode Capital Management LLC now owns 14,615,430 shares of the insurance provider’s stock worth $3,498,363,000 after acquiring an additional 189,638 shares during the period. Norges Bank purchased a new stake in shares of Progressive during the fourth quarter worth $1,843,045,000. Northern Trust Corp increased its position in shares of Progressive by 13.0% during the fourth quarter. Northern Trust Corp now owns 6,179,529 shares of the insurance provider’s stock worth $1,480,677,000 after acquiring an additional 710,684 shares during the period. Finally, Capital Research Global Investors increased its position in shares of Progressive by 34.3% during the fourth quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock worth $1,451,602,000 after acquiring an additional 1,547,677 shares during the period. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Progressive Price Performance

PGR stock opened at $266.46 on Tuesday. The firm has a 50 day moving average of $276.19 and a 200-day moving average of $264.50. The Progressive Co. has a 12-month low of $204.62 and a 12-month high of $292.99. 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 company has a market cap of $156.20 billion, a price-to-earnings ratio of 18.50, a PEG ratio of 1.70 and a beta of 0.40.

Progressive (NYSE:PGRGet Free Report) last posted its quarterly earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) 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 company had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. As a group, equities analysts expect that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Insider Activity

In other news, CFO John P. Sauerland sold 10,000 shares of the firm’s 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 completion of the transaction, the chief financial officer now directly owns 258,024 shares of the company’s stock, valued at $71,199,142.56. This trade represents a 3.73% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction that occurred on Friday, May 23rd. The stock was 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 of the company’s stock, valued at approximately $8,025,375.28. This trade represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 34,517 shares of company stock worth $9,451,821. Company insiders own 0.34% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on PGR shares. Keefe, Bruyette & Woods reissued a “market perform” rating and issued a $288.00 target price on shares of Progressive in a report on Thursday, April 17th. Morgan Stanley set a $330.00 price objective on Progressive and gave the stock an “overweight” rating in a report on Monday, May 19th. JPMorgan Chase & Co. raised their price objective on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. Jefferies Financial Group dropped their price objective on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Finally, Roth Mkm raised their price objective on Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th. Eight equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $288.59.

View Our Latest Research Report on PGR

Progressive Profile

(Free Report)

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.

See Also

Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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