Octavia Wealth Advisors LLC Decreases Stake in The Progressive Co. (NYSE:PGR)

Octavia Wealth Advisors LLC trimmed its stake in shares of The Progressive Co. (NYSE:PGR) by 2.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,267 shares of the insurance provider’s stock after selling 37 shares during the quarter. Octavia Wealth Advisors LLC’s holdings in Progressive were worth $359,000 as of its most recent SEC filing.

Several other hedge funds also recently bought and sold shares of PGR. Atlantic Edge Private Wealth Management LLC grew its stake in shares of Progressive by 54.7% during the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock valued at $28,000 after buying an additional 41 shares during the last quarter. Minot DeBlois Advisors LLC bought a new position in Progressive during the 4th quarter valued at approximately $28,000. Atala Financial Inc bought a new stake in Progressive during the 4th quarter valued at about $32,000. Global Wealth Strategies & Associates raised its holdings in Progressive by 119.0% in the 1st quarter. Global Wealth Strategies & Associates now owns 138 shares of the insurance provider’s stock worth $39,000 after acquiring an additional 75 shares during the last quarter. Finally, Rialto Wealth Management LLC purchased a new stake in shares of Progressive during the fourth quarter valued at $43,000. Hedge funds and other institutional investors own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. BMO Capital Markets boosted their price objective on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research note on Thursday, April 17th. Jefferies Financial Group dropped their price target on shares of Progressive from $327.00 to $319.00 and set a “buy” rating for the company in a research note on Friday, April 11th. JPMorgan Chase & Co. lifted their price target on shares of Progressive from $267.00 to $287.00 and gave the company an “overweight” rating in a research note on Tuesday, April 8th. Wall Street Zen lowered shares of Progressive from a “buy” rating to a “hold” rating in a report on Wednesday, May 21st. Finally, Keefe, Bruyette & Woods reissued a “market perform” rating and set a $288.00 price target on shares of Progressive in a research report on Thursday, April 17th. Eight equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average price target of $288.59.

Progressive Price Performance

Shares of NYSE:PGR opened at $279.19 on Monday. The firm has a market cap of $163.67 billion, a price-to-earnings ratio of 19.39, a P/E/G ratio of 1.70 and a beta of 0.40. The business has a fifty day simple moving average of $276.19 and a 200 day simple moving average of $264.50. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99. The company has a current ratio of 0.31, a quick ratio of 0.30 and a debt-to-equity ratio of 0.27.

Progressive (NYSE:PGR) last announced its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 EPS for the quarter, topping the consensus estimate of $4.28 by $0.37. Progressive had a net margin of 11.25% and a return on equity of 33.79%. The firm had revenue of $22.21 billion for the quarter, compared to the consensus estimate of $21.87 billion. As a group, sell-side analysts predict that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Insider Activity at Progressive

In other news, CAO Carl G. Joyce sold 360 shares of the firm’s stock in a transaction dated Friday, March 21st. The shares were sold at an average price of $276.17, for a total value of $99,421.20. Following the transaction, the chief accounting officer now owns 655 shares of the company’s stock, valued at approximately $180,891.35. This trade represents a 35.47% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO John P. Sauerland sold 10,000 shares of the firm’s stock in a transaction dated Monday, April 28th. The stock was sold at an average price of $268.59, for a total value of $2,685,900.00. Following the sale, the chief financial officer now directly owns 248,024 shares in the company, valued at approximately $66,616,766.16. This represents a 3.88% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 37,755 shares of company stock valued at $10,367,074 in the last 90 days. 0.34% of the stock is owned by corporate insiders.

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.