Park Edge Advisors LLC Grows Stock Position in The Progressive Co. (NYSE:PGR)

Park Edge Advisors LLC lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 47.1% during the third quarter, according to its most recent disclosure with the SEC. The fund owned 4,826 shares of the insurance provider’s stock after acquiring an additional 1,545 shares during the period. Park Edge Advisors LLC’s holdings in Progressive were worth $1,225,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Davis Capital Management acquired a new stake in Progressive during the 3rd quarter worth about $25,000. WR Wealth Planners LLC lifted its holdings in shares of Progressive by 119.6% during the second quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock worth $26,000 after purchasing an additional 67 shares during the period. Hilltop National Bank boosted its position in Progressive by 126.0% in the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock valued at $34,000 after buying an additional 92 shares during the last quarter. Register Financial Advisors LLC acquired a new position in Progressive in the 1st quarter worth approximately $35,000. Finally, DiNuzzo Private Wealth Inc. raised its position in Progressive by 114.1% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock worth $35,000 after buying an additional 73 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Progressive Price Performance

Shares of NYSE PGR traded down $3.09 during trading on Friday, hitting $243.78. The company had a trading volume of 1,594,653 shares, compared to its average volume of 2,476,907. The firm has a market capitalization of $142.77 billion, a price-to-earnings ratio of 17.72, a price-to-earnings-growth ratio of 0.68 and a beta of 0.35. The stock has a fifty day simple moving average of $250.50 and a two-hundred day simple moving average of $225.48. The company has a quick ratio of 0.31, a current ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a fifty-two week low of $149.14 and a fifty-two week high of $260.46.

Progressive Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Investors of record on Thursday, October 3rd were issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.16%. The ex-dividend date of this dividend was Thursday, October 3rd. Progressive’s payout ratio is 2.91%.

Wall Street Analysts Forecast Growth

Several analysts have recently commented on the stock. Bank of America upped their price objective on shares of Progressive from $319.00 to $331.00 and gave the company a “buy” rating in a report on Wednesday, October 16th. Hsbc Global Res raised shares of Progressive from a “hold” rating to a “strong-buy” rating in a report on Monday, August 12th. StockNews.com upgraded Progressive from a “hold” rating to a “buy” rating in a research note on Thursday. Roth Mkm upped their target price on Progressive from $270.00 to $290.00 and gave the stock a “buy” rating in a research note on Monday, September 16th. Finally, BMO Capital Markets dropped their target price on Progressive from $239.00 to $237.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $263.19.

Insiders Place Their Bets

In other news, CEO Susan Patricia Griffith sold 43,370 shares of Progressive stock in a transaction that occurred on Tuesday, September 3rd. The stock was sold at an average price of $252.20, for a total value of $10,937,914.00. Following the sale, the chief executive officer now directly owns 473,735 shares of the company’s stock, valued at $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO Susan Patricia Griffith sold 43,370 shares of the business’s stock in a transaction dated Tuesday, September 3rd. The shares were sold at an average price of $252.20, for a total transaction of $10,937,914.00. Following the transaction, the chief executive officer now directly owns 473,735 shares in the company, valued at approximately $119,475,967. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, insider Steven Broz sold 6,122 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the sale, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 74,843 shares of company stock worth $18,674,912. Corporate insiders own 0.34% of the company’s stock.

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.