Norden Group LLC Invests $987,000 in The Progressive Co. (NYSE:PGR)

Norden Group LLC acquired a new position in The Progressive Co. (NYSE:PGRFree Report) during the first quarter, according to its most recent 13F filing with the SEC. The firm acquired 4,774 shares of the insurance provider’s stock, valued at approximately $987,000.

Other hedge funds have also modified their holdings of the company. Indiana Trust & Investment Management CO purchased a new stake in shares of Progressive during the 1st quarter valued at about $32,000. Sachetta LLC purchased a new stake in Progressive during the 4th quarter worth approximately $25,000. Northwest Bank & Trust Co purchased a new stake in Progressive during the 4th quarter worth approximately $25,000. Register Financial Advisors LLC purchased a new stake in Progressive during the 1st quarter worth approximately $35,000. Finally, Valley National Advisers Inc. increased its holdings in Progressive by 143.6% during the 4th quarter. Valley National Advisers Inc. now owns 190 shares of the insurance provider’s stock worth $30,000 after purchasing an additional 112 shares during the last quarter. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research firms have issued reports on PGR. Citigroup lifted their price objective on Progressive from $230.00 to $232.00 and gave the stock a “neutral” rating in a report on Monday, June 17th. Roth Mkm restated a “buy” rating and set a $235.00 price objective on shares of Progressive in a report on Wednesday, June 26th. Morgan Stanley dropped their price objective on Progressive from $256.00 to $255.00 and set an “overweight” rating on the stock in a report on Monday, June 10th. Keefe, Bruyette & Woods lifted their target price on Progressive from $190.00 to $200.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 10th. Finally, Jefferies Financial Group lifted their target price on Progressive from $241.00 to $245.00 and gave the stock a “buy” rating in a research report on Monday, April 15th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and nine have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $216.81.

Read Our Latest Stock Analysis on Progressive

Progressive Stock Down 0.0 %

Shares of Progressive stock opened at $210.18 on Friday. The business’s fifty day moving average price is $209.37 and its two-hundred day moving average price is $195.49. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.32 and a quick ratio of 0.32. The company has a market capitalization of $123.10 billion, a P/E ratio of 21.51, a PEG ratio of 0.81 and a beta of 0.35. The Progressive Co. has a 1-year low of $111.41 and a 1-year high of $217.77.

Progressive (NYSE:PGRGet Free Report) last announced its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share for the quarter, beating the consensus estimate of $3.20 by $0.74. The firm had revenue of $18.96 billion for 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 for the quarter was up 17.7% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.65 EPS. As a group, research analysts forecast that The Progressive Co. will post 11.26 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, July 3rd will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 0.19%. The ex-dividend date is Wednesday, July 3rd. Progressive’s payout ratio is currently 4.09%.

Insider Buying and Selling at Progressive

In other news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CAO Mariann Wojtkun Marshall sold 650 shares of the business’s stock in a transaction on Monday, June 17th. The stock was sold at an average price of $208.11, for a total value of $135,271.50. Following the sale, the chief accounting officer now owns 3,981 shares of the company’s stock, valued at approximately $828,485.91. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total value of $208,330.00. Following the completion of the sale, the director now directly owns 7,176 shares in the company, valued at approximately $1,494,976.08. The disclosure for this sale can be found here. Insiders have sold 34,518 shares of company stock valued at $7,159,674 in the last quarter. Corporate insiders own 0.34% of the company’s stock.

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.

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Institutional Ownership by Quarter for Progressive (NYSE:PGR)

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