The Progressive Corporation $PGR Shares Bought by Savvy Advisors Inc.

Savvy Advisors Inc. lifted its position in shares of The Progressive Corporation (NYSE:PGR) by 57.8% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 12,669 shares of the insurance provider’s stock after acquiring an additional 4,643 shares during the quarter. Savvy Advisors Inc.’s holdings in Progressive were worth $2,885,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Selective Wealth Management Inc. raised its holdings in Progressive by 2.1% during the third quarter. Selective Wealth Management Inc. now owns 2,207 shares of the insurance provider’s stock worth $538,000 after purchasing an additional 45 shares during the last quarter. Liberty One Investment Management LLC grew its holdings in Progressive by 3.8% in the third quarter. Liberty One Investment Management LLC now owns 1,291 shares of the insurance provider’s stock valued at $319,000 after purchasing an additional 47 shares during the last quarter. True Wealth Design LLC increased its position in shares of Progressive by 20.8% in the third quarter. True Wealth Design LLC now owns 279 shares of the insurance provider’s stock valued at $69,000 after buying an additional 48 shares in the last quarter. Wealthstream Advisors Inc. raised its stake in shares of Progressive by 4.6% during the 3rd quarter. Wealthstream Advisors Inc. now owns 1,111 shares of the insurance provider’s stock worth $274,000 after buying an additional 49 shares during the last quarter. Finally, Armstrong Advisory Group Inc. raised its stake in shares of Progressive by 10.6% during the 3rd quarter. Armstrong Advisory Group Inc. now owns 541 shares of the insurance provider’s stock worth $134,000 after buying an additional 52 shares during the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Progressive

In related news, CIO Jonathan S. Bauer sold 3,105 shares of the firm’s stock in a transaction that occurred on Wednesday, January 21st. The shares were sold at an average price of $204.35, for a total transaction of $634,506.75. Following the sale, the executive owned 26,249 shares in the company, valued at approximately $5,363,983.15. This trade represents a 10.58% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Maribel Pumarejo sold 739 shares of Progressive stock in a transaction that occurred on Tuesday, February 24th. The stock was sold at an average price of $203.25, for a total transaction of $150,201.75. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 11,687 shares of company stock valued at $2,413,044. 0.34% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

PGR has been the topic of a number of research reports. William Blair cut shares of Progressive from an “outperform” rating to a “market perform” rating in a research note on Thursday, December 18th. Keefe, Bruyette & Woods cut their target price on shares of Progressive from $232.00 to $227.00 and set a “market perform” rating for the company in a research report on Thursday, March 19th. Barclays set a $247.00 price target on shares of Progressive in a report on Wednesday, March 18th. Zacks Research upgraded shares of Progressive from a “strong sell” rating to a “hold” rating in a research report on Tuesday, February 24th. Finally, Citigroup dropped their price objective on shares of Progressive from $300.60 to $261.00 and set a “buy” rating for the company in a research note on Tuesday, February 3rd. Six analysts have rated the stock with a Buy rating, fourteen have assigned a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $238.39.

Progressive Trading Down 0.1%

Shares of PGR stock opened at $195.14 on Monday. The company has a market capitalization of $114.15 billion, a price-to-earnings ratio of 10.14, a PEG ratio of 5.65 and a beta of 0.34. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.23. The firm has a 50-day moving average price of $204.94 and a 200 day moving average price of $217.55. The Progressive Corporation has a twelve month low of $192.02 and a twelve month high of $289.96.

Progressive Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 10th. Stockholders of record on Thursday, April 2nd will be given a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.2%. The ex-dividend date of this dividend is Thursday, April 2nd. Progressive’s payout ratio is currently 2.08%.

About Progressive

Progressive Corporation is a large U.S.-based property and casualty insurer that primarily underwrites personal auto insurance along with a broad suite of related products. Its offerings include coverage for private passenger automobiles, commercial auto fleets, motorcycles, boats and recreational vehicles, as well as homeowners, renters, umbrella and other specialty P&C products. Progressive also provides claims handling, risk management and related services to individual and commercial policyholders.

The company distributes its products through a mix of direct channels—online and by phone—and an extensive independent agent network.