3Chopt Investment Partners LLC Has $3.75 Million Stock Position in The Progressive Corporation (NYSE:PGR)

3Chopt Investment Partners LLC lowered its stake in shares of The Progressive Corporation (NYSE:PGR) by 2.7% during the 1st quarter, Holdings Channel.com reports. The firm owned 13,259 shares of the insurance provider’s stock after selling 374 shares during the quarter. Progressive accounts for approximately 1.0% of 3Chopt Investment Partners LLC’s portfolio, making the stock its 20th biggest position. 3Chopt Investment Partners LLC’s holdings in Progressive were worth $3,752,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Highline Wealth Partners LLC raised its holdings in shares of 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 purchasing an additional 49 shares during the period. HWG Holdings LP acquired a new stake in shares of Progressive in the 1st quarter worth about $28,000. Minot DeBlois Advisors LLC acquired a new stake in shares of Progressive in the 4th quarter worth about $28,000. Garde Capital Inc. acquired a new stake in shares of Progressive in the 1st quarter worth about $33,000. Finally, Atala Financial Inc acquired a new stake in shares of Progressive in the 4th quarter worth about $32,000. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on PGR. Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 target price on the stock in a report on Monday, April 28th. Keefe, Bruyette & Woods restated a “market perform” rating and issued a $288.00 target price on shares of Progressive in a report on Thursday, April 17th. JPMorgan Chase & Co. upped their target price on shares of Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a report on Tuesday, April 8th. Wells Fargo & Company upped their target price on shares of Progressive from $328.00 to $333.00 and gave the stock an “overweight” rating in a report on Friday, June 20th. Finally, Jefferies Financial Group lowered 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. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $288.88.

Insider Activity

In other news, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Monday, April 28th. The shares were sold at an average price of $268.59, for a total transaction of $2,685,900.00. Following the completion of the transaction, the chief financial officer now directly owns 248,024 shares of the company’s stock, valued at $66,616,766.16. This represents a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, 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 of the company’s stock, valued at $8,025,375.28. This represents a 4.20% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 32,705 shares of company stock valued at $8,813,048 in the last three months. Company insiders own 0.34% of the company’s stock.

Progressive Stock Up 0.9%

Progressive stock opened at $263.85 on Friday. The Progressive Corporation has a twelve month low of $207.48 and a twelve month high of $292.99. The firm has a 50 day moving average price of $274.46 and a 200-day moving average price of $264.76. The company has a market capitalization of $154.68 billion, a P/E ratio of 17.79, a P/E/G ratio of 1.61 and a beta of 0.40. 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 analysts’ consensus estimates of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The firm had revenue of $22.21 billion during the quarter, compared to the consensus estimate of $21.87 billion. As a group, equities analysts predict that The Progressive Corporation will post 14.68 EPS for the current year.

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.