Significant Wealth Partners LLC Takes Position in The Progressive Co. (NYSE:PGR)

Significant Wealth Partners LLC bought a new position in shares of The Progressive Co. (NYSE:PGR) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,689 shares of the insurance provider’s stock, valued at approximately $269,000.

Several other hedge funds have also recently added to or reduced their stakes in PGR. Duality Advisers LP acquired a new stake in Progressive in the fourth quarter valued at $4,485,000. Strata Wealth Advisors LLC purchased a new position in shares of Progressive in the 4th quarter valued at about $2,864,000. Criterion Capital Advisors LLC acquired a new stake in shares of Progressive during the 4th quarter worth about $47,000. Sumitomo Mitsui DS Asset Management Company Ltd lifted its stake in Progressive by 1.8% during the fourth quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 57,574 shares of the insurance provider’s stock worth $9,170,000 after purchasing an additional 1,029 shares during the last quarter. Finally, Signaturefd LLC boosted its holdings in Progressive by 7.2% in the fourth quarter. Signaturefd LLC now owns 11,018 shares of the insurance provider’s stock valued at $1,755,000 after purchasing an additional 744 shares in the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Insider Activity at Progressive

In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the transaction, the director now owns 7,176 shares in the company, valued at approximately $1,494,976.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Progressive news, insider Patrick K. Callahan sold 29,675 shares of the business’s stock in a transaction on Wednesday, February 21st. The shares were sold at an average price of $190.26, for a total transaction of $5,645,965.50. Following the sale, the insider now directly owns 15,189 shares in the company, valued at approximately $2,889,859.14. The sale 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 stock in a transaction dated Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the completion of the transaction, the director now 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. Insiders sold a total of 39,139 shares of company stock worth $7,458,139 over the last 90 days. Company insiders own 0.34% of the company’s stock.

Progressive Trading Down 0.8 %

NYSE:PGR opened at $213.00 on Tuesday. The Progressive Co. has a 12-month low of $111.41 and a 12-month high of $216.21. The company has a current ratio of 0.36, a quick ratio of 0.31 and a debt-to-equity ratio of 0.32. The stock’s 50 day simple moving average is $200.53 and its 200-day simple moving average is $176.08. The firm has a market cap of $124.75 billion, a P/E ratio of 21.80, a PEG ratio of 0.85 and a beta of 0.35.

Progressive (NYSE:PGR) last announced its quarterly earnings data on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The company had revenue of $18.96 billion for the quarter, compared to analysts’ expectations of $16.88 billion. During the same period in the previous year, the company posted $0.65 EPS. Progressive’s revenue was up 17.7% compared to the same quarter last year. Equities analysts anticipate that The Progressive Co. will post 11.22 EPS for the current year.

Progressive Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were issued a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a yield of 0.19%. Progressive’s dividend payout ratio is currently 4.09%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on PGR. Bank of America cut their price objective on shares of Progressive from $279.00 to $273.00 and set a “buy” rating on the stock in a report on Wednesday, April 17th. BMO Capital Markets lifted their price target on shares of Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. JPMorgan Chase & Co. boosted their price target on shares of Progressive from $171.00 to $202.00 and gave the company an “overweight” rating in a research report on Monday, April 8th. Piper Sandler reaffirmed an “overweight” rating and set a $240.00 price objective on shares of Progressive in a report on Monday, April 1st. Finally, Wells Fargo & Company boosted their target price on Progressive from $232.00 to $238.00 and gave the company an “overweight” rating in a report on Thursday, April 11th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $211.88.

Progressive Company 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.