Moran Wealth Management LLC Lowers Position in The Progressive Co. (NYSE:PGR)

Moran Wealth Management LLC cut its holdings in shares of The Progressive Co. (NYSE:PGR) by 0.3% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 76,450 shares of the insurance provider’s stock after selling 242 shares during the quarter. Moran Wealth Management LLC’s holdings in Progressive were worth $18,318,000 at the end of the most recent quarter.

Other large investors have also recently modified their holdings of the company. Webster Bank N. A. bought a new position in Progressive in the fourth quarter worth about $26,000. Hager Investment Management Services LLC purchased a new position in shares of Progressive in the fourth quarter worth $28,000. Atlantic Edge Private Wealth Management LLC boosted its holdings in shares of Progressive by 54.7% during the 4th quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after acquiring an additional 41 shares during the last quarter. Valley National Advisers Inc. boosted its holdings in Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after purchasing an additional 120 shares during the last quarter. Finally, Independence Bank of Kentucky grew its holdings in shares of Progressive by 1,650.0% in the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock worth $42,000 after acquiring an additional 165 shares during the period. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Insider Activity at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Monday, December 30th. The stock was sold at an average price of $238.66, for a total transaction of $2,386,600.00. Following the transaction, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. The trade was a 3.41 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction dated Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $46,241.10. Following the completion of the transaction, the chief accounting officer now owns 3,982 shares in the company, valued at $964,042.20. This trade represents a 4.58 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 56,361 shares of company stock valued at $14,102,075 over the last 90 days. 0.34% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several brokerages have recently commented on PGR. Morgan Stanley raised their price objective on shares of Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a research report on Friday, January 31st. JPMorgan Chase & Co. raised their price target on Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a research report on Friday, January 3rd. Barclays boosted their price objective on Progressive from $261.00 to $264.00 and gave the company an “equal weight” rating in a report on Tuesday, February 18th. Wells Fargo & Company raised their target price on shares of Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Finally, HSBC cut shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. Six equities research analysts have rated the stock with a hold rating and thirteen have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $277.59.

Progressive Stock Down 0.5 %

Shares of NYSE PGR opened at $279.77 on Monday. The stock has a fifty day moving average price of $254.23 and a 200 day moving average price of $252.81. 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 Progressive Co. has a 12-month low of $194.49 and a 12-month high of $287.49. The company has a market cap of $164.00 billion, a P/E ratio of 19.43, a P/E/G ratio of 1.70 and a beta of 0.35.

Progressive (NYSE:PGR) last issued its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Research analysts anticipate that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive 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.