Ethic Inc. raised its position in shares of The Progressive Co. (NYSE:PGR – Get Rating) by 26.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 18,872 shares of the insurance provider’s stock after purchasing an additional 3,928 shares during the period. Ethic Inc.’s holdings in Progressive were worth $2,151,000 at the end of the most recent reporting period.
Other large investors have also added to or reduced their stakes in the company. Oak Thistle LLC purchased a new stake in Progressive during the first quarter valued at about $239,000. CAPROCK Group Inc. raised its position in Progressive by 9.6% during the first quarter. CAPROCK Group Inc. now owns 5,950 shares of the insurance provider’s stock valued at $678,000 after purchasing an additional 522 shares in the last quarter. Western Wealth Management LLC raised its position in Progressive by 70.5% during the first quarter. Western Wealth Management LLC now owns 6,002 shares of the insurance provider’s stock valued at $685,000 after purchasing an additional 2,482 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in Progressive by 5.3% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 111,102 shares of the insurance provider’s stock valued at $12,665,000 after purchasing an additional 5,565 shares in the last quarter. Finally, Exchange Traded Concepts LLC raised its position in Progressive by 56.6% during the first quarter. Exchange Traded Concepts LLC now owns 14,891 shares of the insurance provider’s stock valued at $1,697,000 after purchasing an additional 5,384 shares in the last quarter. Hedge funds and other institutional investors own 85.05% of the company’s stock.
Progressive Stock Performance
Shares of PGR opened at $128.68 on Monday. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.40. The Progressive Co. has a one year low of $89.35 and a one year high of $129.24. The company has a 50-day simple moving average of $119.67 and a two-hundred day simple moving average of $114.91. The firm has a market capitalization of $75.27 billion, a PE ratio of 91.91, a price-to-earnings-growth ratio of 1.53 and a beta of 0.42.
Progressive Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 14th. Shareholders of record on Friday, October 7th will be issued a $0.10 dividend. The ex-dividend date of this dividend is Thursday, October 6th. This represents a $0.40 annualized dividend and a yield of 0.31%. Progressive’s dividend payout ratio (DPR) is presently 28.57%.
Insiders Place Their Bets
In other Progressive news, insider Andrew J. Quigg sold 3,180 shares of the firm’s stock in a transaction dated Friday, August 26th. The shares were sold at an average price of $126.43, for a total value of $402,047.40. Following the completion of the sale, the insider now directly owns 24,061 shares in the company, valued at $3,042,032.23. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is currently owned by company insiders.
Analyst Ratings Changes
A number of research analysts have recently issued reports on PGR shares. Morgan Stanley raised their price objective on Progressive from $121.00 to $130.00 and gave the company an “equal weight” rating in a research note on Friday, August 19th. Jefferies Financial Group raised their price objective on Progressive from $106.00 to $125.00 and gave the company a “hold” rating in a research note on Tuesday, July 12th. Raymond James raised their price objective on Progressive from $135.00 to $140.00 and gave the company an “outperform” rating in a research note on Monday, August 29th. Wells Fargo & Company reaffirmed a “sell” rating and set a $98.00 price objective on shares of Progressive in a research note on Friday, July 15th. Finally, TheStreet cut Progressive from a “b” rating to a “c+” rating in a research note on Friday, July 15th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $118.08.
Progressive Company Profile
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
- Get a free copy of the StockNews.com research report on Progressive (PGR)
- Can Electronic Arts Buck the Downturn in Videogaming?
- Dollar General is the Big Fish in Little Ponds Across the U.S.
- Here’s Why the CPI Report will Dictate the Market Bottom
- MarketBeat: Week in Review 9/5 – 9/9
- Prepare For A Record-Setting Quarter For Cyber Security Stocks
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.