Fairvoy Private Wealth LLC Has $3.96 Million Holdings in The Progressive Co. (NYSE:PGR)

Fairvoy Private Wealth LLC lessened its holdings in shares of The Progressive Co. (NYSE:PGR) by 6.6% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 13,998 shares of the insurance provider’s stock after selling 983 shares during the quarter. Progressive accounts for approximately 1.1% of Fairvoy Private Wealth LLC’s holdings, making the stock its 24th largest holding. Fairvoy Private Wealth LLC’s holdings in Progressive were worth $3,962,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in PGR. Vivid Wealth Management LLC acquired a new stake in shares of Progressive in the 4th quarter valued at about $2,143,000. Van ECK Associates Corp raised its stake in shares of Progressive by 3.4% in the 4th quarter. Van ECK Associates Corp now owns 16,199 shares of the insurance provider’s stock valued at $3,881,000 after purchasing an additional 527 shares during the period. Allstate Corp acquired a new stake in shares of Progressive in the 4th quarter valued at about $4,205,000. Baird Financial Group Inc. raised its stake in shares of Progressive by 3.1% in the 4th quarter. Baird Financial Group Inc. now owns 3,667,903 shares of the insurance provider’s stock valued at $878,866,000 after purchasing an additional 111,659 shares during the period. Finally, Jump Financial LLC raised its stake in shares of Progressive by 16.8% in the 4th quarter. Jump Financial LLC now owns 86,076 shares of the insurance provider’s stock valued at $20,625,000 after purchasing an additional 12,351 shares during the period. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on PGR. Roth Mkm lifted their target price on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research report on Tuesday, February 25th. Wells Fargo & Company lifted their target price on Progressive from $324.00 to $328.00 and gave the company an “overweight” rating in a research report on Wednesday, May 7th. BMO Capital Markets lifted their target price on Progressive from $282.00 to $288.00 and gave the company an “outperform” rating in a research report on Thursday, April 17th. JPMorgan Chase & Co. boosted their price target on Progressive from $267.00 to $287.00 and gave the stock an “overweight” rating in a research report on Tuesday, April 8th. Finally, Morgan Stanley set a $330.00 price target on Progressive and gave the stock an “overweight” rating in a research report on Monday, May 19th. Eight analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $288.59.

Progressive Stock Performance

Shares of Progressive stock opened at $267.58 on Friday. The company has a quick ratio of 0.30, a current ratio of 0.31 and a debt-to-equity ratio of 0.27. The Progressive Co. has a twelve month low of $204.62 and a twelve month high of $292.99. The stock has a market cap of $156.86 billion, a price-to-earnings ratio of 18.58, a P/E/G ratio of 1.70 and a beta of 0.40. The company’s fifty day moving average is $276.07 and its 200 day moving average is $264.53.

Progressive (NYSE:PGR) last issued its quarterly earnings data on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share 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 company had revenue of $22.21 billion for the quarter, compared to analysts’ expectations of $21.87 billion. Sell-side analysts forecast that The Progressive Co. will post 14.68 EPS for the current year.

Insider Buying and Selling

In other Progressive news, CAO Carl G. Joyce sold 360 shares of the company’s stock in a transaction on Friday, March 21st. The shares were sold at an average price of $276.17, for a total transaction of $99,421.20. Following the sale, the chief accounting officer now owns 655 shares of the company’s stock, valued at approximately $180,891.35. This represents a 35.47% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Devin C. Johnson sold 400 shares of the company’s stock in a transaction on Tuesday, March 25th. The shares were sold at an average price of $275.04, for a total transaction of $110,016.00. Following the sale, the director now directly owns 8,370 shares in the company, valued at $2,302,084.80. This trade represents a 4.56% 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 over the last 90 days. 0.34% of the stock is owned by insiders.

Progressive 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.