Ladenburg Thalmann Financial Services Inc. grew its position in shares of Progressive Corp (NYSE:PGR) by 7.2% during the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 38,803 shares of the insurance provider’s stock after buying an additional 2,602 shares during the period. Ladenburg Thalmann Financial Services Inc.’s holdings in Progressive were worth $2,354,000 as of its most recent SEC filing.
Other large investors have also recently added to or reduced their stakes in the company. Raymond James & Associates lifted its holdings in Progressive by 84.2% during the 4th quarter. Raymond James & Associates now owns 457,243 shares of the insurance provider’s stock worth $25,752,000 after buying an additional 209,006 shares during the last quarter. MetLife Investment Advisors LLC bought a new position in Progressive during the 4th quarter worth approximately $10,135,000. Natixis lifted its holdings in Progressive by 259.2% during the 1st quarter. Natixis now owns 874,732 shares of the insurance provider’s stock worth $53,297,000 after buying an additional 631,192 shares during the last quarter. Carillon Tower Advisers Inc. bought a new position in Progressive during the 4th quarter worth approximately $49,903,000. Finally, Advisor Group Inc. lifted its holdings in Progressive by 88.7% during the 4th quarter. Advisor Group Inc. now owns 33,738 shares of the insurance provider’s stock worth $1,901,000 after buying an additional 15,861 shares during the last quarter. 79.67% of the stock is currently owned by institutional investors.
In related news, insider Jeffrey W. Basch sold 11,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 17th. The stock was sold at an average price of $60.54, for a total value of $665,940.00. Following the sale, the insider now directly owns 62,311 shares in the company, valued at approximately $3,772,307.94. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Susan Patricia Griffith sold 12,600 shares of the firm’s stock in a transaction that occurred on Friday, May 18th. The shares were sold at an average price of $60.54, for a total value of $762,804.00. Following the completion of the sale, the chief executive officer now owns 222,723 shares in the company, valued at $13,483,650.42. The disclosure for this sale can be found here. Insiders have sold a total of 49,600 shares of company stock worth $3,025,024 over the last quarter. Insiders own 0.70% of the company’s stock.
Progressive (NYSE:PGR) last announced its quarterly earnings results on Wednesday, May 2nd. The insurance provider reported $1.29 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.10. Progressive had a return on equity of 18.90% and a net margin of 6.75%. research analysts expect that Progressive Corp will post 4.21 EPS for the current year.
A number of research analysts have commented on the company. Morgan Stanley increased their target price on Progressive from $59.00 to $64.00 and gave the stock an “equal weight” rating in a report on Wednesday, April 18th. Wells Fargo & Co set a $64.00 target price on Progressive and gave the stock a “hold” rating in a report on Tuesday, April 17th. MKM Partners increased their target price on Progressive to $75.00 and gave the stock a “buy” rating in a report on Tuesday, May 22nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating on shares of Progressive in a report on Thursday, May 31st. Finally, Deutsche Bank increased their target price on Progressive from $60.00 to $62.00 and gave the stock a “hold” rating in a report on Monday, May 21st. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, four have given a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $55.47.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.