Connective Portfolio Management LLC Sells 3,220 Shares of The Progressive Corporation (NYSE:PGR)

Connective Portfolio Management LLC reduced its position in The Progressive Corporation (NYSE:PGR) by 56.3% during the first quarter, Holdings Channel reports. The institutional investor owned 2,500 shares of the insurance provider’s stock after selling 3,220 shares during the quarter. Progressive comprises 2.4% of Connective Portfolio Management LLC’s investment portfolio, making the stock its 20th largest holding. Connective Portfolio Management LLC’s holdings in Progressive were worth $708,000 as of its most recent SEC filing.

A number of other institutional investors have also modified their holdings of PGR. Highline Wealth Partners LLC boosted its holdings in shares of Progressive by 114.0% in the 1st quarter. Highline Wealth Partners LLC now owns 92 shares of the insurance provider’s stock valued at $26,000 after buying an additional 49 shares in the last quarter. Minot DeBlois Advisors LLC bought a new stake in shares of Progressive in the 4th quarter valued at about $28,000. Atala Financial Inc bought a new stake in shares of Progressive in the 4th quarter valued at about $32,000. Global Wealth Strategies & Associates boosted its holdings in shares of Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock valued at $39,000 after buying an additional 75 shares in the last quarter. Finally, Rialto Wealth Management LLC bought a new stake in shares of Progressive in the 4th quarter valued at about $43,000. 85.34% of the stock is currently owned by institutional investors.

Progressive Price Performance

Progressive stock opened at $261.26 on Friday. The Progressive Corporation has a 1 year low of $204.88 and a 1 year high of $292.99. 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 price is $275.34 and its 200 day moving average price is $264.44. The stock has a market capitalization of $153.15 billion, a P/E ratio of 17.62, a P/E/G ratio of 1.63 and a beta of 0.40.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.10% and a return on equity of 33.50%. The company had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. As a group, equities research analysts anticipate that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Morgan Stanley set a $330.00 price objective on shares of Progressive and gave the company an “overweight” rating in a research report on Monday, May 19th. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research report on Tuesday, April 8th. Bank of America raised shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective for the company in a research report on Monday, April 28th. BMO Capital Markets raised their price target on shares of Progressive from $282.00 to $288.00 and gave the stock an “outperform” rating in a research report on Thursday, April 17th. Finally, Roth Mkm raised their price target on shares of Progressive from $290.00 to $315.00 and gave the stock a “buy” rating in a research report on Tuesday, February 25th. Seven research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $288.88.

Insider Transactions at Progressive

In other news, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Wednesday, May 28th. The stock was sold at an average price of $275.37, for a total transaction of $2,753,700.00. Following the transaction, the chief financial officer now owns 238,024 shares in the company, valued at $65,544,668.88. The trade was a 4.03% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Devin C. Johnson sold 400 shares of Progressive stock in a transaction on Tuesday, March 25th. The stock was sold at an average price of $275.04, for a total value of $110,016.00. Following the transaction, the director now owns 8,370 shares in the company, valued at approximately $2,302,084.80. This represents a 4.56% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 34,157 shares of company stock worth $9,352,400 in the last quarter. Company insiders own 0.34% of the company’s stock.

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.