iA Global Asset Management Inc. Has $4.04 Million Stock Position in The Progressive Co. (NYSE:PGR)

iA Global Asset Management Inc. lifted its holdings in shares of The Progressive Co. (NYSE:PGR) by 11.0% in the 4th quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 16,863 shares of the insurance provider’s stock after acquiring an additional 1,677 shares during the quarter. iA Global Asset Management Inc.’s holdings in Progressive were worth $4,041,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Webster Bank N. A. bought a new position in shares of Progressive during the 4th quarter worth approximately $26,000. Hager Investment Management Services LLC bought a new position in shares of Progressive during the 4th quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC boosted its stake in shares of Progressive by 54.7% during the 4th 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. boosted its stake in shares of Progressive by 3,000.0% during the 4th 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, Atala Financial Inc bought a new position in shares of Progressive during the 4th quarter worth approximately $32,000. 85.34% of the stock is currently owned by institutional investors.

Insider Transactions at Progressive

In other Progressive news, CIO Jonathan S. Bauer sold 1,696 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $479,391.36. Following the completion of the transaction, the executive now owns 26,697 shares of the company’s stock, valued at $7,546,174.02. This represents a 5.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO John P. Sauerland sold 1,542 shares of the company’s stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $282.66, for a total value of $435,861.72. Following the completion of the transaction, the chief financial officer now directly owns 268,024 shares of the company’s stock, valued at approximately $75,759,663.84. The trade was a 0.57 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 65,495 shares of company stock valued at $16,668,034. Corporate insiders own 0.34% of the company’s stock.

Progressive Price Performance

Progressive stock opened at $274.52 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 0.30 and a current ratio of 0.31. The Progressive Co. has a 52 week low of $201.34 and a 52 week high of $292.99. The stock has a market capitalization of $160.92 billion, a P/E ratio of 19.06, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. The stock has a fifty day moving average of $261.21 and a 200-day moving average of $254.84.

Progressive (NYSE:PGR) last posted its quarterly earnings results on Wednesday, January 29th. The insurance provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.44 by $0.64. Progressive had a return on equity of 33.79% and a net margin of 11.25%. On average, sell-side analysts expect that The Progressive Co. will post 14.68 earnings per share for the current fiscal year.

Progressive Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. The ex-dividend date of this dividend is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive’s dividend payout ratio (DPR) is currently 2.78%.

Analysts Set New Price Targets

Several analysts recently issued reports on PGR shares. HSBC downgraded Progressive from a “buy” rating to a “hold” rating and set a $267.00 price target for the company. in a research note on Tuesday, December 10th. Raymond James upgraded Progressive from a “market perform” rating to an “outperform” rating and set a $305.00 price target for the company in a research note on Thursday, December 26th. Bank of America reduced their price target on Progressive from $318.00 to $300.00 and set a “buy” rating for the company in a research note on Thursday. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, Wells Fargo & Company boosted their price target on Progressive from $313.00 to $317.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Seven equities research analysts have rated the stock with a hold rating and twelve have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $281.06.

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.