715 Shares in The Progressive Co. (NYSE:PGR) Purchased by Sagace Wealth Management LLC

Sagace Wealth Management LLC bought a new stake in shares of The Progressive Co. (NYSE:PGR) in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 715 shares of the insurance provider’s stock, valued at approximately $202,000.

A number of other hedge funds have also made changes to their positions in the company. Norges Bank acquired a new stake in Progressive during the 4th quarter worth $1,843,045,000. GAMMA Investing LLC boosted its position in Progressive by 39,285.0% during the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock worth $862,059,000 after acquiring an additional 3,038,303 shares during the last quarter. GQG Partners LLC grew its stake in Progressive by 67.6% during the 4th quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock valued at $1,239,143,000 after acquiring an additional 2,085,833 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Progressive in the 4th quarter valued at about $408,416,000. Finally, Capital Research Global Investors lifted its stake in Progressive by 34.3% in the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock worth $1,451,602,000 after purchasing an additional 1,547,677 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Buying and Selling

In other Progressive news, CFO John P. Sauerland sold 1,542 shares of the business’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 $435,861.72. Following the completion of the sale, the chief financial officer now owns 268,024 shares of the company’s stock, valued at approximately $75,759,663.84. The trade was a 0.57% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 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 $8,025,375.28. The trade was a 4.20% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 37,755 shares of company stock worth $10,367,074. 0.34% of the stock is owned by insiders.

Progressive Trading Down 1.0%

NYSE PGR opened at $262.94 on Thursday. The stock has a market capitalization of $154.14 billion, a P/E ratio of 18.26, a P/E/G ratio of 1.70 and a beta of 0.40. The firm has a 50-day moving average price of $275.67 and a 200 day moving average price of $264.53. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last released its quarterly earnings data 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. Progressive had a return on equity of 33.79% and a net margin of 11.25%. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. Equities research analysts expect that The Progressive Co. will post 14.68 EPS for the current year.

Analysts Set New Price Targets

A number of equities analysts recently commented on the company. JPMorgan Chase & Co. lifted their price objective on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. Wall Street Zen lowered Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, May 21st. Wells Fargo & Company upped their price objective on shares of Progressive from $324.00 to $328.00 and gave the company an “overweight” rating in a report on Wednesday, May 7th. Bank of America raised shares of 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. Finally, UBS Group raised their price target on shares of Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a report on Wednesday, May 28th. Eight investment analysts have rated the stock with a hold rating and eleven have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $288.59.

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.