Genesis Private Wealth LLC Makes New $313,000 Investment in The Progressive Co. (NYSE:PGR)

Genesis Private Wealth LLC acquired a new stake in shares of The Progressive Co. (NYSE:PGR) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,306 shares of the insurance provider’s stock, valued at approximately $313,000.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Raleigh Capital Management Inc. raised its stake in Progressive by 20.9% during the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider’s stock worth $60,000 after buying an additional 41 shares during the period. LRI Investments LLC lifted its holdings in shares of Progressive by 16.5% in the 3rd quarter. LRI Investments LLC now owns 296 shares of the insurance provider’s stock worth $76,000 after purchasing an additional 42 shares in the last quarter. Castleview Partners LLC grew its position in Progressive by 2.7% in the 3rd quarter. Castleview Partners LLC now owns 1,712 shares of the insurance provider’s stock valued at $434,000 after purchasing an additional 45 shares during the period. Washington Trust Bank increased its position in shares of Progressive by 4.6% during the third quarter. Washington Trust Bank now owns 1,024 shares of the insurance provider’s stock worth $260,000 after acquiring an additional 45 shares in the last quarter. Finally, Sunbelt Securities Inc. increased its holdings in Progressive by 21.3% during the 2nd quarter. Sunbelt Securities Inc. now owns 262 shares of the insurance provider’s stock worth $54,000 after purchasing an additional 46 shares in the last quarter. Institutional investors own 85.34% of the company’s stock.

Insider Buying and Selling

In related news, CAO Mariann Wojtkun Marshall sold 191 shares of the business’s stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $46,241.10. Following the completion of the sale, the chief accounting officer now directly owns 3,982 shares in the company, valued at approximately $964,042.20. The trade was a 4.58 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO John P. Sauerland sold 10,000 shares of Progressive stock in a transaction on Friday, November 29th. The stock was sold at an average price of $268.09, for a total transaction of $2,680,900.00. Following the transaction, the chief financial officer now owns 292,958 shares in the company, valued at $78,539,110.22. This represents a 3.30 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 29,938 shares of company stock valued at $7,473,490 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Stock Down 1.2 %

PGR opened at $240.64 on Wednesday. The Progressive Co. has a twelve month low of $169.57 and a twelve month high of $270.62. The company has a quick ratio of 0.30, a current ratio of 0.30 and a debt-to-equity ratio of 0.25. The firm has a 50 day moving average price of $249.85 and a 200-day moving average price of $242.95. The stock has a market capitalization of $140.97 billion, a price-to-earnings ratio of 17.49, a PEG ratio of 0.63 and a beta of 0.41.

Progressive Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Thursday, January 16th. Stockholders of record on Thursday, January 9th were paid a $0.10 dividend. The ex-dividend date of this dividend was Friday, January 10th. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.17%. Progressive’s dividend payout ratio (DPR) is currently 2.91%.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PGR shares. JPMorgan Chase & Co. increased their price objective on shares of Progressive from $251.00 to $256.00 and gave the company an “overweight” rating in a research note on Friday, January 3rd. BMO Capital Markets dropped their price objective on shares of Progressive from $273.00 to $267.00 and set an “outperform” rating on the stock in a report on Monday, December 16th. HSBC cut Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a research report on Tuesday, December 10th. Bank of America boosted their price objective on shares of Progressive from $331.00 to $335.00 and gave the company a “buy” rating in a research note on Monday, November 18th. Finally, Wells Fargo & Company upped their target price on Progressive from $299.00 to $302.00 and gave the stock an “overweight” rating in a research note on Monday, December 16th. Six research analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $274.65.

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.