The Progressive Co. (NYSE:PGR) Shares Acquired by NewEdge Wealth LLC

NewEdge Wealth LLC boosted its stake in shares of The Progressive Co. (NYSE:PGR) by 6.6% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,131 shares of the insurance provider’s stock after purchasing an additional 937 shares during the quarter. NewEdge Wealth LLC’s holdings in Progressive were worth $2,410,000 at the end of the most recent reporting period.

A number of other institutional investors also recently added to or reduced their stakes in the business. Compass Ion Advisors LLC boosted its position in Progressive by 0.8% during the 4th quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after acquiring an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC boosted its stake in Progressive by 10.2% during the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after buying an additional 62 shares in the last quarter. Quent Capital LLC boosted its stake in Progressive by 19.3% during the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock valued at $68,000 after buying an additional 69 shares in the last quarter. BSW Wealth Partners boosted its stake in Progressive by 4.2% during the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock valued at $275,000 after buying an additional 69 shares in the last quarter. Finally, Perigon Wealth Management LLC boosted its stake in Progressive by 2.2% during the fourth quarter. Perigon Wealth Management LLC now owns 3,231 shares of the insurance provider’s stock valued at $515,000 after buying an additional 70 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Analysts Set New Price Targets

Several brokerages recently weighed in on PGR. Roth Mkm raised their target price on Progressive from $215.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, March 18th. The Goldman Sachs Group raised their target price on Progressive from $161.00 to $216.00 and gave the company a “neutral” rating in a research note on Monday, March 25th. HSBC raised their target price on Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Citigroup raised their target price on Progressive from $192.00 to $202.00 and gave the company a “neutral” rating in a research note on Monday, March 18th. Finally, BMO Capital Markets upped their target price on Progressive from $185.00 to $200.00 and gave the company an “outperform” rating in a report on Thursday, January 25th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $202.00.

Progressive Stock Up 0.8 %

Shares of Progressive stock opened at $203.90 on Monday. The stock has a 50-day moving average price of $197.15 and a 200 day moving average price of $173.13. The company has a market cap of $119.42 billion, a P/E ratio of 20.87, a P/E/G ratio of 0.86 and a beta of 0.35. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The Progressive Co. has a 1 year low of $111.41 and a 1 year high of $212.24.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.20 by $0.74. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. During the same period in the prior year, the business earned $0.65 EPS. The business’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, analysts expect that The Progressive Co. will post 10.5 EPS for the current fiscal year.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were paid a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.20%. The ex-dividend date of this dividend was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

Insider Activity

In other news, CEO Susan Patricia Griffith sold 5,939 shares of the stock in a transaction dated Wednesday, January 17th. The stock was sold at an average price of $169.24, for a total transaction of $1,005,116.36. Following the transaction, the chief executive officer now owns 465,737 shares of the company’s stock, valued at approximately $78,821,329.88. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Progressive news, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the sale, the insider now owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Susan Patricia Griffith sold 5,939 shares of the firm’s stock in a transaction that occurred on Wednesday, January 17th. The shares were sold at an average price of $169.24, for a total value of $1,005,116.36. Following the completion of the sale, the chief executive officer now directly owns 465,737 shares in the company, valued at approximately $78,821,329.88. The disclosure for this sale can be found here. In the last quarter, insiders have sold 44,629 shares of company stock valued at $8,348,176. Insiders own 0.34% of the company’s stock.

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.