Atala Financial Inc purchased a new position in The Progressive Co. (NYSE:PGR – Free Report) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 135 shares of the insurance provider’s stock, valued at approximately $32,000.
Other large investors have also recently made changes to their positions in the company. Webster Bank N. A. bought a new stake in shares of Progressive in the fourth quarter worth approximately $26,000. Hager Investment Management Services LLC bought a new stake in shares of Progressive in the fourth quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC grew its stake in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider’s stock worth $28,000 after acquiring an additional 41 shares during the period. Valley National Advisers Inc. grew its stake in shares of Progressive by 3,000.0% in the fourth quarter. Valley National Advisers Inc. now owns 124 shares of the insurance provider’s stock worth $29,000 after acquiring an additional 120 shares during the period. Finally, Independence Bank of Kentucky grew its stake in shares of Progressive by 1,650.0% in the fourth quarter. Independence Bank of Kentucky now owns 175 shares of the insurance provider’s stock worth $42,000 after acquiring an additional 165 shares during the period. 85.34% of the stock is currently owned by institutional investors.
Analyst Ratings Changes
A number of equities analysts recently issued reports on PGR shares. JPMorgan Chase & Co. raised their price objective on shares of Progressive from $251.00 to $256.00 and gave the stock an “overweight” rating in a report on Friday, January 3rd. Wells Fargo & Company raised their price objective on shares of Progressive from $313.00 to $317.00 and gave the stock an “overweight” rating in a report on Thursday, February 20th. Bank of America dropped their price objective on shares of Progressive from $333.00 to $318.00 and set a “buy” rating on the stock in a report on Monday, March 10th. Raymond James raised shares of Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price objective on the stock in a report on Thursday, December 26th. Finally, Barclays raised their price objective on shares of Progressive from $264.00 to $285.00 and gave the stock an “equal weight” rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company. According to data from MarketBeat.com, Progressive currently has an average rating of “Moderate Buy” and an average target price of $281.76.
Insider Buying and Selling at Progressive
In other Progressive news, insider Andrew J. Quigg sold 681 shares of the business’s stock in a transaction on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total transaction of $164,870.10. Following the transaction, the insider now owns 33,612 shares in the company, valued at $8,137,465.20. The trade was a 1.99 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Lori A. Niederst sold 3,855 shares of the business’s stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $247.06, for a total transaction of $952,416.30. Following the transaction, the insider now owns 39,040 shares in the company, valued at $9,645,222.40. This trade represents a 8.99 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 62,257 shares of company stock worth $15,752,781 over the last quarter. Insiders own 0.34% of the company’s stock.
Progressive Trading Up 1.6 %
Shares of PGR opened at $283.87 on Friday. The company’s fifty day moving average is $258.14 and its 200 day moving average is $254.03. The Progressive Co. has a fifty-two week low of $201.34 and a fifty-two week high of $287.49. The stock has a market capitalization of $166.41 billion, a PE ratio of 19.71, a P/E/G ratio of 1.70 and a beta of 0.35. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31.
Progressive (NYSE:PGR – Get Free Report) last announced its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. Sell-side analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.
Progressive Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 0.14%. The ex-dividend date is Thursday, April 3rd. Progressive’s dividend payout ratio (DPR) is 2.78%.
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.
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