Ladenburg Thalmann Financial Services Inc. raised its position in shares of Progressive Corp (NYSE:PGR) by 7.2% in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 38,803 shares of the insurance provider’s stock after purchasing an additional 2,602 shares during the quarter. Ladenburg Thalmann Financial Services Inc.’s holdings in Progressive were worth $2,354,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. We Are One Seven LLC bought a new position in Progressive during the 4th quarter valued at $119,000. Signaturefd LLC bought a new position in Progressive during the 1st quarter valued at $122,000. Prentiss Smith & Co. Inc. bought a new position in Progressive during the 4th quarter valued at $205,000. Cetera Advisor Networks LLC bought a new position in Progressive during the 1st quarter valued at $208,000. Finally, South Street Advisors LLC bought a new position in Progressive during the 1st quarter valued at $213,000. 79.67% of the stock is owned by hedge funds and other institutional investors.
A number of equities analysts have issued reports on the company. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Progressive in a research note on Thursday, May 31st. MKM Partners increased their price target on Progressive to $75.00 and gave the company a “buy” rating in a research note on Tuesday, May 22nd. Deutsche Bank increased their price target on Progressive from $60.00 to $62.00 and gave the company a “hold” rating in a research note on Monday, May 21st. ValuEngine lowered Progressive from a “buy” rating to a “hold” rating in a research note on Thursday, May 17th. Finally, Buckingham Research increased their price target on Progressive from $48.00 to $52.00 and gave the company an “underperform” rating in a research note on Thursday, May 17th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $55.47.
PGR opened at $60.78 on Friday. The firm has a market cap of $35.55 billion, a PE ratio of 23.11, a P/E/G ratio of 1.98 and a beta of 0.67. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.44 and a quick ratio of 0.44. Progressive Corp has a fifty-two week low of $43.59 and a fifty-two week high of $64.77.
Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, May 2nd. The insurance provider reported $1.29 earnings per share for the quarter, topping the consensus estimate of $1.19 by $0.10. Progressive had a return on equity of 18.90% and a net margin of 6.75%. equities research analysts forecast that Progressive Corp will post 4.21 earnings per share for the current fiscal year.
In other news, CEO Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction on Friday, May 18th. The stock was sold at an average price of $60.54, for a total transaction of $762,804.00. Following the completion of the sale, the chief executive officer now directly owns 222,723 shares of the company’s stock, valued at approximately $13,483,650.42. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, insider Steven Broz sold 2,000 shares of the firm’s stock in a transaction on Wednesday, April 25th. The stock was sold at an average price of $60.62, for a total value of $121,240.00. Following the completion of the sale, the insider now directly owns 14,073 shares of the company’s stock, valued at approximately $853,105.26. The disclosure for this sale can be found here. Over the last three months, insiders have sold 49,600 shares of company stock valued at $3,025,024. Corporate insiders own 0.70% of the company’s stock.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
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