GAMMA Investing LLC Buys 3,029 Shares of The Progressive Corporation (NYSE:PGR)

GAMMA Investing LLC raised its stake in shares of The Progressive Corporation (NYSE:PGR) by 39.2% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 10,763 shares of the insurance provider’s stock after buying an additional 3,029 shares during the quarter. GAMMA Investing LLC’s holdings in Progressive were worth $3,046,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently modified their holdings of PGR. Allstate Corp bought a new stake in Progressive in the fourth quarter valued at approximately $4,205,000. Baird Financial Group Inc. lifted its holdings in Progressive by 3.1% during the fourth quarter. Baird Financial Group Inc. now owns 3,667,903 shares of the insurance provider’s stock worth $878,866,000 after acquiring an additional 111,659 shares in the last quarter. Jump Financial LLC grew its stake in Progressive by 16.8% in the fourth quarter. Jump Financial LLC now owns 86,076 shares of the insurance provider’s stock valued at $20,625,000 after acquiring an additional 12,351 shares during the period. Sciencast Management LP grew its stake in Progressive by 13.9% in the fourth quarter. Sciencast Management LP now owns 12,617 shares of the insurance provider’s stock valued at $3,023,000 after acquiring an additional 1,543 shares during the period. Finally, LFL Advisers LLC increased its holdings in shares of Progressive by 1.4% in the fourth quarter. LFL Advisers LLC now owns 117,480 shares of the insurance provider’s stock worth $28,149,000 after acquiring an additional 1,675 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

PGR has been the topic of several recent analyst reports. BMO Capital Markets lifted their price objective on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a report on Thursday, April 17th. Jefferies Financial Group dropped their target price on shares of Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a report on Friday, April 11th. Barclays upped their price target on shares of Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a report on Friday, April 11th. Morgan Stanley set a $330.00 price objective on shares of Progressive and gave the stock an “overweight” rating in a research report on Monday, May 19th. Finally, Bank of America raised 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. Seven investment analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $288.88.

Progressive Stock Up 0.9%

PGR stock opened at $263.85 on Friday. The company has a market cap of $154.68 billion, a price-to-earnings ratio of 17.79, a P/E/G ratio of 1.61 and a beta of 0.40. The Progressive Corporation has a twelve month low of $207.48 and a twelve month high of $292.99. The business has a 50 day moving average price of $274.46 and a two-hundred day moving average price of $264.76. 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 released its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, beating the consensus estimate of $4.28 by $0.37. The business had revenue of $22.21 billion during the quarter, compared to analysts’ expectations of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. Analysts anticipate that The Progressive Corporation will post 14.68 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, Director Dyke Kahina Van sold 2,490 shares of Progressive stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $277.67, for a total transaction of $691,398.30. Following the completion of the transaction, the director now directly owns 12,429 shares of the company’s stock, valued at $3,451,160.43. The trade was a 16.69% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Steven Broz sold 1,267 shares of the 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 directly owns 28,888 shares in the company, valued at $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 32,705 shares of company stock worth $8,813,048 over the last quarter. 0.34% of the stock is currently owned by insiders.

About Progressive

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.