Moran Wealth Management LLC Has $18.32 Million 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 the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 76,450 shares of the insurance provider’s stock after selling 242 shares during the period. Moran Wealth Management LLC’s holdings in Progressive were worth $18,318,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also bought and sold shares of the company. Taika Capital LP bought a new position in Progressive in the fourth quarter valued at $350,000. Sound View Wealth Advisors Group LLC lifted its holdings in shares of Progressive by 11.7% during the fourth quarter. Sound View Wealth Advisors Group LLC now owns 12,820 shares of the insurance provider’s stock worth $3,072,000 after buying an additional 1,346 shares in the last quarter. Argentarii LLC acquired a new position in shares of Progressive during the 4th quarter worth approximately $2,274,000. OFI Invest Asset Management acquired a new position in Progressive in the 4th quarter valued at $47,634,000. Finally, United Community Bank grew its stake in Progressive by 287.8% during the fourth quarter. United Community Bank now owns 8,586 shares of the insurance provider’s stock worth $2,057,000 after buying an additional 6,372 shares in the last quarter. 85.34% of the stock is owned by institutional investors.

Progressive Stock Performance

PGR stock opened at $279.77 on Monday. The business has a 50-day moving average price of $254.23 and a 200 day moving average price of $252.81. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The company has a market capitalization of $164.00 billion, a P/E ratio of 19.43, a PEG ratio of 1.70 and a beta of 0.35. The Progressive Co. has a 1-year low of $194.49 and a 1-year high of $287.49.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, beating 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%. As a group, equities research analysts forecast that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Insider Buying and Selling at Progressive

In other Progressive news, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the sale, the insider now owns 33,612 shares of the company’s stock, valued at $8,137,465.20. The trade was a 1.99 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Lori A. Niederst sold 3,855 shares of the business’s stock in a transaction dated Thursday, January 30th. The shares were sold at an average price of $247.06, for a total transaction of $952,416.30. Following the transaction, the insider now directly owns 39,040 shares in the company, valued at approximately $9,645,222.40. The trade was a 8.99 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 56,361 shares of company stock valued at $14,102,075. Corporate insiders own 0.34% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts recently issued reports on PGR shares. Keefe, Bruyette & Woods decreased their price target on shares of Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a report on Friday, January 10th. Barclays increased their price objective on shares of Progressive from $261.00 to $264.00 and gave the stock an “equal weight” rating in a research report on Tuesday, February 18th. Morgan Stanley raised their price objective on shares of Progressive from $300.00 to $307.00 and gave the stock an “overweight” rating in a research report on Friday, January 31st. JPMorgan Chase & Co. boosted their price objective on Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a report on Friday, January 3rd. Finally, Roth Mkm increased their target price on shares of Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a report on Tuesday, February 25th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $277.59.

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.