Morningstar Investment Services LLC Buys New Shares in The Progressive Co. (NYSE:PGR)

Morningstar Investment Services LLC bought a new stake in The Progressive Co. (NYSE:PGRFree Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor bought 1,538 shares of the insurance provider’s stock, valued at approximately $244,000.

Several other institutional investors have also recently added to or reduced their stakes in the business. Balentine LLC increased its stake in Progressive by 0.3% in the fourth quarter. Balentine LLC now owns 22,162 shares of the insurance provider’s stock valued at $3,530,000 after purchasing an additional 58 shares during the last quarter. Compass Ion Advisors LLC boosted its holdings in Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after purchasing an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC boosted its holdings in Progressive by 10.2% in the third quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock valued at $93,000 after purchasing an additional 62 shares during the last quarter. Independent Advisor Alliance boosted its holdings in Progressive by 1.9% in the fourth quarter. Independent Advisor Alliance now owns 3,438 shares of the insurance provider’s stock valued at $548,000 after purchasing an additional 64 shares during the last quarter. Finally, Quent Capital LLC lifted its holdings in Progressive by 19.3% during the 4th quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock worth $68,000 after buying an additional 69 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In other news, insider Steven Broz sold 7,361 shares of the company’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the sale, the insider now owns 35,503 shares in the company, valued at approximately $7,357,996.75. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In related news, insider Steven Broz sold 7,361 shares of the business’s stock in a transaction dated Wednesday, May 15th. The stock was sold at an average price of $207.25, for a total transaction of $1,525,567.25. Following the completion of the transaction, the insider now owns 35,503 shares of the company’s stock, valued at approximately $7,357,996.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Devin C. Johnson sold 1,000 shares of the company’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the transaction, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. In the last quarter, insiders sold 20,818 shares of company stock worth $4,280,482. 0.34% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have commented on PGR shares. The Goldman Sachs Group increased their target price on Progressive from $161.00 to $216.00 and gave the stock a “neutral” rating in a report on Monday, March 25th. Citigroup lifted their target price on Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. Keefe, Bruyette & Woods lifted their target price on Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research note on Wednesday, April 10th. Roth Mkm boosted their price objective on Progressive from $215.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, March 18th. Finally, HSBC boosted their price objective on Progressive from $174.00 to $200.00 and gave the stock a “hold” rating in a research note on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, Progressive currently has a consensus rating of “Hold” and an average price target of $215.19.

Get Our Latest Report on Progressive

Progressive Stock Performance

Shares of NYSE PGR opened at $212.53 on Friday. The company has a market capitalization of $124.48 billion, a P/E ratio of 21.75, a price-to-earnings-growth ratio of 0.81 and a beta of 0.35. The business’s 50-day moving average price is $209.53 and its two-hundred day moving average price is $188.86. The Progressive Co. has a one year low of $111.41 and a one year high of $217.77. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32.

Progressive (NYSE:PGRGet Free Report) last released its quarterly earnings results 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. The company had revenue of $18.96 billion during the quarter, compared to the consensus estimate of $16.88 billion. Progressive had a return on equity of 29.43% and a net margin of 8.89%. The firm’s revenue was up 17.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.65 EPS. Analysts anticipate that The Progressive Co. will post 11.64 earnings per share for the current fiscal year.

Progressive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, July 12th. Stockholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. The ex-dividend date of this dividend is Wednesday, July 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio (DPR) is presently 4.09%.

About Progressive

(Free Report)

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.

See Also

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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