Sunburst Financial Group LLC Invests $204,000 in The Progressive Co. (NYSE:PGR)

Sunburst Financial Group LLC bought a new stake in The Progressive Co. (NYSE:PGR) during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 804 shares of the insurance provider’s stock, valued at approximately $204,000.

Other hedge funds also recently added to or reduced their stakes in the company. Davis Capital Management purchased a new position in Progressive in the third quarter worth approximately $25,000. WR Wealth Planners LLC increased its stake in Progressive by 119.6% in the 2nd quarter. WR Wealth Planners LLC now owns 123 shares of the insurance provider’s stock valued at $26,000 after buying an additional 67 shares during the period. DiNuzzo Private Wealth Inc. lifted its position in Progressive by 114.1% in the third quarter. DiNuzzo Private Wealth Inc. now owns 137 shares of the insurance provider’s stock valued at $35,000 after purchasing an additional 73 shares during the period. Hilltop National Bank grew its holdings in Progressive by 126.0% during the second quarter. Hilltop National Bank now owns 165 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 92 shares during the period. Finally, LRI Investments LLC purchased a new position in shares of Progressive in the 1st quarter valued at about $36,000. 85.34% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Progressive

In other Progressive news, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction that occurred on Monday, August 19th. The stock was 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. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Progressive news, insider Steven Broz sold 6,122 shares of Progressive stock in a transaction on Monday, August 19th. The stock was sold at an average price of $235.19, for a total transaction of $1,439,833.18. Following the completion of the transaction, the insider now directly owns 32,316 shares of the company’s stock, valued at approximately $7,600,400.04. This trade represents a 0.00 % 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 link. Also, Director Dyke Kahina Van sold 2,180 shares of the stock in a transaction dated Friday, September 27th. The stock was sold at an average price of $252.28, for a total transaction of $549,970.40. Following the sale, the director now owns 13,723 shares of the company’s stock, valued at $3,462,038.44. This trade 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 valued at $18,674,912. Company insiders own 0.34% of the company’s stock.

Analysts Set New Price Targets

PGR has been the topic of several recent research reports. Keefe, Bruyette & Woods boosted their price objective on shares of Progressive from $280.00 to $290.00 and gave the stock an “outperform” rating in a research report on Wednesday, October 16th. Barclays increased their target price on Progressive from $267.00 to $277.00 and gave the stock an “equal weight” rating in a research report on Wednesday, October 23rd. Citigroup lowered their price objective on shares of Progressive from $232.00 to $225.00 and set a “neutral” rating for the company in a research note on Wednesday, July 17th. Bank of America increased their target price on shares of Progressive from $319.00 to $331.00 and gave the stock a “buy” rating in a research report on Wednesday, October 16th. Finally, HSBC upgraded Progressive from a “hold” rating to a “buy” rating and set a $253.00 price objective on the stock in a research note on Monday, August 12th. Six analysts have rated the stock with a hold rating, thirteen have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $263.19.

Progressive Stock Performance

PGR traded up $0.98 on Wednesday, hitting $242.66. 414,300 shares of the stock traded hands, compared to its average volume of 2,456,808. The business has a fifty day moving average price of $250.69 and a two-hundred day moving average price of $226.17. The company has a current ratio of 0.31, a quick ratio of 0.31 and a debt-to-equity ratio of 0.30. The Progressive Co. has a 52 week low of $149.14 and a 52 week high of $260.46. The firm has a market capitalization of $142.12 billion, a PE ratio of 17.63, a P/E/G ratio of 0.67 and a beta of 0.35.

Progressive Dividend Announcement

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

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.