Avior Wealth Management LLC Boosts Holdings in The Progressive Corporation (NYSE:PGR)

Avior Wealth Management LLC increased its holdings in The Progressive Corporation (NYSE:PGR) by 4.9% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 3,337 shares of the insurance provider’s stock after buying an additional 157 shares during the quarter. Avior Wealth Management LLC’s holdings in Progressive were worth $944,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in PGR. Norges Bank bought a new stake in Progressive during the 4th quarter worth approximately $1,843,045,000. GAMMA Investing LLC raised its stake in Progressive by 39,285.0% during the 1st 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 period. GQG Partners LLC raised 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 worth $1,239,143,000 after acquiring an additional 2,085,833 shares during the period. Raymond James Financial Inc. bought a new stake in Progressive during the 4th quarter worth approximately $408,416,000. Finally, Capital Research Global Investors raised its stake in Progressive by 34.3% during 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 acquiring an additional 1,547,677 shares during the period. Institutional investors own 85.34% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on PGR shares. Morgan Stanley set a $330.00 target price on shares of Progressive and gave the stock an “overweight” rating in a research note on Monday, May 19th. Barclays lifted their price objective on shares of Progressive from $285.00 to $297.00 and gave the company an “equal weight” rating in a research report on Friday, April 11th. Roth Mkm lifted their price objective on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. UBS Group lifted their price objective on shares of Progressive from $285.00 to $291.00 and gave the company a “neutral” rating in a research report on Wednesday, May 28th. Finally, BMO Capital Markets lifted their price objective on shares of Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. 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, Progressive currently has an average rating of “Moderate Buy” and a consensus price target of $288.88.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 1,267 shares of Progressive stock in a transaction 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 directly owns 28,888 shares of the company’s stock, valued at $8,025,375.28. The trade was a 4.20% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the business’s stock in a transaction 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Insiders sold 34,157 shares of company stock valued at $9,352,400 over the last three months. 0.34% of the stock is owned by company insiders.

Progressive Trading Up 0.4%

Shares of PGR opened at $261.26 on Friday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.29 and a current ratio of 0.29. The company’s fifty day moving average is $275.34 and its 200 day moving average is $264.47. The stock has a market capitalization of $153.16 billion, a PE ratio of 17.62, a P/E/G ratio of 1.64 and a beta of 0.40. The Progressive Corporation has a fifty-two week low of $204.88 and a fifty-two week high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. The company had revenue of $22.21 billion during the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.10% and a return on equity of 33.50%. Sell-side analysts expect that The Progressive Corporation will post 14.68 earnings per share 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.