Great Lakes Retirement Inc. purchased a new position in Progressive Corp (NYSE:PGR) in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 14,254 shares of the insurance provider’s stock, valued at approximately $1,031,000.
Several other institutional investors and hedge funds have also made changes to their positions in PGR. Pinnacle Associates Ltd. lifted its holdings in Progressive by 0.4% in the 4th quarter. Pinnacle Associates Ltd. now owns 35,055 shares of the insurance provider’s stock valued at $2,538,000 after purchasing an additional 125 shares in the last quarter. Carroll Financial Associates Inc. boosted its stake in shares of Progressive by 26.6% during the 4th quarter. Carroll Financial Associates Inc. now owns 647 shares of the insurance provider’s stock worth $46,000 after acquiring an additional 136 shares during the last quarter. Coastline Trust Co lifted its stake in shares of Progressive by 1.3% during the 4th quarter. Coastline Trust Co now owns 12,370 shares of the insurance provider’s stock valued at $895,000 after buying an additional 156 shares in the last quarter. Waldron Private Wealth LLC increased its holdings in Progressive by 0.4% in the 4th quarter. Waldron Private Wealth LLC now owns 44,312 shares of the insurance provider’s stock valued at $3,207,000 after acquiring an additional 170 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS grew its holdings in Progressive by 0.5% during the 4th quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 37,648 shares of the insurance provider’s stock valued at $2,725,000 after purchasing an additional 184 shares during the last quarter. 79.73% of the stock is owned by hedge funds and other institutional investors.
In related news, insider John Jo Murphy sold 7,922 shares of the stock in a transaction dated Monday, January 13th. The stock was sold at an average price of $73.70, for a total transaction of $583,851.40. Following the completion of the transaction, the insider now directly owns 22,368 shares in the company, valued at $1,648,521.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Michael D. Sieger sold 3,687 shares of the stock in a transaction dated Friday, January 3rd. The stock was sold at an average price of $73.52, for a total value of $271,068.24. Following the transaction, the insider now owns 51,019 shares of the company’s stock, valued at $3,750,916.88. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 25,203 shares of company stock worth $1,865,255. Company insiders own 0.39% of the company’s stock.
Progressive stock traded up $0.39 during mid-day trading on Wednesday, reaching $69.43. 98,209 shares of the company traded hands, compared to its average volume of 5,275,080. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.36 and a quick ratio of 0.36. Progressive Corp has a fifty-two week low of $62.18 and a fifty-two week high of $84.96. The company has a market capitalization of $38.95 billion, a price-to-earnings ratio of 10.45, a price-to-earnings-growth ratio of 1.70 and a beta of 0.67. The firm’s fifty day moving average is $78.51 and its two-hundred day moving average is $74.86.
Progressive (NYSE:PGR) last posted its quarterly earnings results on Monday, March 2nd. The insurance provider reported $1.18 earnings per share for the quarter, topping the Zacks’ consensus estimate of $1.16 by $0.02. Progressive had a net margin of 10.17% and a return on equity of 30.98%. As a group, equities research analysts predict that Progressive Corp will post 5.33 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, April 15th. Shareholders of record on Tuesday, April 7th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.58%. The ex-dividend date of this dividend is Monday, April 6th. Progressive’s dividend payout ratio is currently 5.95%.
A number of research analysts recently weighed in on PGR shares. Deutsche Bank dropped their price objective on shares of Progressive from $88.00 to $86.00 and set a “buy” rating for the company in a report on Wednesday, March 18th. B. Riley lowered Progressive from a “buy” rating to a “neutral” rating and reduced their price target for the company from $96.00 to $83.00 in a report on Wednesday, March 11th. Wells Fargo & Co restated a “hold” rating on shares of Progressive in a report on Wednesday, February 19th. Raymond James lowered Progressive from a “strong-buy” rating to an “outperform” rating and set a $85.00 price objective on the stock. in a research note on Monday, January 13th. Finally, MKM Partners cut their price objective on Progressive from to in a report on Wednesday, March 18th. Nine analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus target price of $82.44.
The Progressive Corporation, through its subsidiaries, provides personal and commercial auto insurance, residential property insurance, and other specialty property-casualty insurance and related services primarily in the United States. Its Personal Lines segment writes insurance for personal autos, and recreational and other vehicles.
See Also: CAC 40 Index
Want to see what other hedge funds are holding PGR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Progressive Corp (NYSE:PGR).
Receive News & Ratings for Progressive Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Progressive and related companies with MarketBeat.com's FREE daily email newsletter.