The Progressive Co. (NYSE:PGR) Stock Position Raised by Miracle Mile Advisors LLC

Miracle Mile Advisors LLC lifted its position in The Progressive Co. (NYSE:PGR) by 108.0% in the 1st quarter, Holdings Channel reports. The fund owned 1,745 shares of the insurance provider’s stock after buying an additional 906 shares during the period. Miracle Mile Advisors LLC’s holdings in Progressive were worth $494,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Vivid Wealth Management LLC purchased a new stake in shares of Progressive in the 4th quarter valued at approximately $2,143,000. Van ECK Associates Corp lifted its position in Progressive by 3.4% in the 4th quarter. Van ECK Associates Corp now owns 16,199 shares of the insurance provider’s stock worth $3,881,000 after buying an additional 527 shares in the last quarter. Allstate Corp purchased a new stake in Progressive in the 4th quarter worth approximately $4,205,000. Baird Financial Group Inc. lifted its position in Progressive by 3.1% in the 4th quarter. Baird Financial Group Inc. now owns 3,667,903 shares of the insurance provider’s stock worth $878,866,000 after buying an additional 111,659 shares in the last quarter. Finally, Jump Financial LLC lifted its position in Progressive by 16.8% in the 4th quarter. Jump Financial LLC now owns 86,076 shares of the insurance provider’s stock worth $20,625,000 after buying an additional 12,351 shares in the last quarter. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Progressive Stock Performance

NYSE PGR opened at $265.21 on Wednesday. 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 firm has a market capitalization of $155.47 billion, a price-to-earnings ratio of 18.42, a P/E/G ratio of 1.70 and a beta of 0.40. The company’s fifty day moving average is $275.55 and its two-hundred day moving average is $264.54. The Progressive Co. has a 52-week low of $201.34 and a 52-week high of $292.99.

Progressive (NYSE:PGR) last posted its quarterly 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. The company had revenue of $22.21 billion for the quarter, compared to analyst estimates of $21.87 billion. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Equities research analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Insiders Place Their Bets

In other Progressive news, insider Steven Broz sold 1,267 shares of the firm’s stock in a transaction on Friday, May 23rd. The shares were sold at an average price of $277.81, for a total value of $351,985.27. Following the sale, the insider now directly owns 28,888 shares in the company, valued at $8,025,375.28. This trade represents a 4.20% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CIO Jonathan S. Bauer sold 1,696 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $282.66, for a total transaction of $479,391.36. Following the completion of the sale, the executive now owns 26,697 shares in the company, valued at $7,546,174.02. This represents a 5.97% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 37,755 shares of company stock worth $10,367,074 in the last ninety days. Insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have issued reports on PGR. Keefe, Bruyette & Woods reiterated a “market perform” rating and issued a $288.00 target price on shares of Progressive in a research report on Thursday, April 17th. Barclays increased their target price on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a research report on Friday, April 11th. UBS Group increased their target price on shares of Progressive from $285.00 to $291.00 and gave the stock a “neutral” rating in a research report on Wednesday, May 28th. Bank of America upgraded shares of Progressive from a “neutral” rating to a “buy” rating and set a $312.00 target price for the company in a research report on Monday, April 28th. Finally, BMO Capital Markets increased their target price 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. Eight investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. According to data from MarketBeat, Progressive has an average rating of “Moderate Buy” and an average target price of $288.59.

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.