Johnson Financial Group Inc. Increases Holdings in The Progressive Corporation $PGR

Johnson Financial Group Inc. raised its holdings in shares of The Progressive Corporation (NYSE:PGR) by 3.6% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 30,348 shares of the insurance provider’s stock after purchasing an additional 1,060 shares during the period. Johnson Financial Group Inc.’s holdings in Progressive were worth $8,099,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Brighton Jones LLC boosted its holdings in Progressive by 15.6% in the fourth quarter. Brighton Jones LLC now owns 3,392 shares of the insurance provider’s stock valued at $813,000 after acquiring an additional 457 shares in the last quarter. Revolve Wealth Partners LLC purchased a new stake in shares of Progressive in the 4th quarter worth about $269,000. Bison Wealth LLC boosted its stake in shares of Progressive by 3.2% during the 4th quarter. Bison Wealth LLC now owns 2,568 shares of the insurance provider’s stock valued at $615,000 after purchasing an additional 80 shares in the last quarter. Norden Group LLC purchased a new position in shares of Progressive during the first quarter valued at about $254,000. Finally, Meeder Asset Management Inc. raised its stake in Progressive by 101.3% in the first quarter. Meeder Asset Management Inc. now owns 320 shares of the insurance provider’s stock worth $91,000 after buying an additional 161 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

PGR opened at $229.54 on Thursday. The firm has a market cap of $134.60 billion, a PE ratio of 12.59, a P/E/G ratio of 1.19 and a beta of 0.29. The stock has a 50-day moving average price of $227.83 and a 200-day moving average price of $247.23. The Progressive Corporation has a 1 year low of $199.90 and a 1 year high of $292.99. The company has a debt-to-equity ratio of 0.19, a current ratio of 0.32 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last released its quarterly earnings data on Wednesday, October 15th. The insurance provider reported $4.45 earnings per share for the quarter, missing analysts’ consensus estimates of $5.04 by ($0.59). The firm had revenue of $21.38 billion for the quarter, compared to the consensus estimate of $21.64 billion. Progressive had a net margin of 12.57% and a return on equity of 33.88%. During the same quarter in the prior year, the business posted $3.58 earnings per share. Sell-side analysts predict that The Progressive Corporation will post 14.68 earnings per share for the current fiscal year.

Insider Activity

In related news, insider John Jo Murphy sold 2,218 shares of the firm’s stock in a transaction that occurred on Friday, September 19th. The shares were sold at an average price of $242.10, for a total transaction of $536,977.80. Following the completion of the sale, the insider owned 43,506 shares of the company’s stock, valued at $10,532,802.60. This trade represents a 4.85% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Steven Broz sold 1,345 shares of the business’s stock in a transaction that occurred on Friday, November 21st. The stock was sold at an average price of $228.29, for a total transaction of $307,050.05. Following the completion of the transaction, the insider owned 27,698 shares of the company’s stock, valued at approximately $6,323,176.42. The trade was a 4.63% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders have sold 43,332 shares of company stock worth $10,564,558. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Hsbc Global Res raised Progressive from a “hold” rating to a “strong-buy” rating in a research report on Monday, November 17th. Bank of America dropped their price target on Progressive from $351.00 to $346.00 and set a “buy” rating on the stock in a research report on Wednesday, November 19th. JPMorgan Chase & Co. upped their price target on Progressive from $301.00 to $303.00 and gave the stock an “overweight” rating in a research note on Thursday, October 9th. Keefe, Bruyette & Woods decreased their price objective on Progressive from $262.00 to $246.00 and set a “market perform” rating for the company in a report on Wednesday, November 5th. Finally, The Goldman Sachs Group dropped their target price on shares of Progressive from $276.00 to $245.00 and set a “buy” rating on the stock in a report on Monday, October 27th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating, eleven have assigned a Hold rating and two have given a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $266.52.

Progressive Company 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.