Bellecapital International Ltd. Has $525,000 Stock Holdings in The Progressive Co. (NYSE:PGR)

Bellecapital International Ltd. trimmed its stake in shares of The Progressive Co. (NYSE:PGR) by 34.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,854 shares of the insurance provider’s stock after selling 989 shares during the quarter. Bellecapital International Ltd.’s holdings in Progressive were worth $525,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in PGR. Norges Bank acquired a new stake in shares of Progressive during the fourth quarter worth $1,843,045,000. GAMMA Investing LLC lifted its holdings in Progressive by 39,285.0% in the first quarter. GAMMA Investing LLC now owns 3,046,037 shares of the insurance provider’s stock valued at $862,059,000 after buying an additional 3,038,303 shares during the period. GQG Partners LLC boosted its position in Progressive by 67.6% during the fourth quarter. GQG Partners LLC now owns 5,171,501 shares of the insurance provider’s stock valued at $1,239,143,000 after acquiring an additional 2,085,833 shares during the last quarter. Raymond James Financial Inc. acquired a new stake in Progressive during the 4th quarter worth about $408,416,000. Finally, Capital Research Global Investors grew its holdings in Progressive by 34.3% during the 4th quarter. Capital Research Global Investors now owns 6,058,187 shares of the insurance provider’s stock worth $1,451,602,000 after acquiring an additional 1,547,677 shares during the period. 85.34% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Progressive news, CAO Carl G. Joyce sold 360 shares of Progressive 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 transaction, the chief accounting officer now directly owns 655 shares of the company’s stock, valued at $180,891.35. The trade was a 35.47% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CIO Jonathan S. Bauer sold 1,696 shares of the stock in a transaction dated Monday, March 17th. The shares were 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 of the company’s stock, valued at approximately $7,546,174.02. This represents a 5.97% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 37,755 shares of company stock valued at $10,367,074. Corporate insiders own 0.34% of the company’s stock.

Wall Street Analysts Forecast Growth

PGR has been the topic of a number of recent analyst reports. Bank of America raised Progressive from a “neutral” rating to a “buy” rating and set a $312.00 price objective on the stock in a research note on Monday, April 28th. Roth Mkm boosted their price target on Progressive from $290.00 to $315.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th. Jefferies Financial Group cut their price target on Progressive from $327.00 to $319.00 and set a “buy” rating on the stock in a report on Friday, April 11th. JPMorgan Chase & Co. lifted their price objective 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. Finally, Morgan Stanley set a $330.00 target price on shares of Progressive and gave the company an “overweight” rating in a research report on Monday, May 19th. Eight research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $288.59.

Progressive Stock Performance

PGR opened at $262.94 on Thursday. The Progressive Co. has a 1-year low of $201.34 and a 1-year high of $292.99. The company has a market cap of $154.14 billion, a price-to-earnings ratio of 18.26, a PEG ratio of 1.70 and a beta of 0.40. The company’s fifty day moving average price is $275.67 and its two-hundred day moving average price is $264.53. 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 posted its earnings results on Wednesday, April 16th. The insurance provider reported $4.65 earnings per share for the quarter, topping analysts’ consensus estimates 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 analyst estimates of $21.87 billion. On average, analysts expect that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Company 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.