Significant Wealth Partners LLC Buys New Stake in The Progressive Co. (NYSE:PGR)

Significant Wealth Partners LLC bought a new position in shares of The Progressive Co. (NYSE:PGR) in the fourth quarter, HoldingsChannel.com reports. The firm bought 1,689 shares of the insurance provider’s stock, valued at approximately $269,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of PGR. Compass Ion Advisors LLC increased its stake in shares of Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock worth $1,186,000 after purchasing an additional 59 shares during the period. Cary Street Partners Investment Advisory LLC increased its position in Progressive by 10.2% in the 3rd quarter. Cary Street Partners Investment Advisory LLC now owns 670 shares of the insurance provider’s stock worth $93,000 after buying an additional 62 shares during the period. Quent Capital LLC lifted its holdings in shares of Progressive by 19.3% during the fourth quarter. Quent Capital LLC now owns 427 shares of the insurance provider’s stock worth $68,000 after buying an additional 69 shares during the last quarter. BSW Wealth Partners boosted its position in shares of Progressive by 4.2% in the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock valued at $275,000 after acquiring an additional 69 shares during the period. Finally, Invesco LLC grew its stake in shares of Progressive by 2.0% in the fourth quarter. Invesco LLC now owns 3,537 shares of the insurance provider’s stock worth $563,000 after acquiring an additional 70 shares during the last quarter. Institutional investors and hedge funds own 85.34% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently commented on PGR. Citigroup upped their target price on shares of Progressive from $202.00 to $225.00 and gave the company a “neutral” rating in a research note on Monday, April 15th. HSBC increased their target price on shares of Progressive from $174.00 to $200.00 and gave the company a “hold” rating in a research note on Thursday, March 28th. Jefferies Financial Group boosted their price target on Progressive from $241.00 to $245.00 and gave the company a “buy” rating in a research note on Monday, April 15th. Piper Sandler reiterated an “overweight” rating and issued a $240.00 price objective on shares of Progressive in a research report on Monday, April 1st. Finally, JPMorgan Chase & Co. lifted their price objective on Progressive from $171.00 to $202.00 and gave the stock an “overweight” rating in a report on Monday, April 8th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and nine have issued a buy rating to the stock. Based on data from MarketBeat, Progressive has a consensus rating of “Hold” and a consensus price target of $211.88.

Progressive Stock Performance

Progressive stock opened at $213.00 on Tuesday. The firm has a market capitalization of $124.75 billion, a P/E ratio of 21.80, a P/E/G ratio of 0.85 and a beta of 0.35. The stock has a fifty day moving average price of $200.53 and a two-hundred day moving average price of $176.08. The Progressive Co. has a 52-week low of $111.41 and a 52-week high of $216.21. The company has a debt-to-equity ratio of 0.32, a current ratio of 0.36 and a quick ratio of 0.31.

Progressive (NYSE:PGR) last announced its earnings results on Friday, April 12th. The insurance provider reported $3.94 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.20 by $0.74. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. During the same quarter last year, the company posted $0.65 EPS. The firm’s revenue for the quarter was up 17.7% on a year-over-year basis. As a group, analysts anticipate that The Progressive Co. will post 11.22 EPS for the current fiscal year.

Progressive Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, April 12th. Stockholders of record on Thursday, April 4th were paid a $0.10 dividend. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.19%. The ex-dividend date was Wednesday, April 3rd. Progressive’s dividend payout ratio (DPR) is currently 4.09%.

Insider Transactions at Progressive

In other Progressive news, insider Karen Bailo sold 8,464 shares of Progressive stock in a transaction on Tuesday, March 5th. The stock was sold at an average price of $189.49, for a total value of $1,603,843.36. Following the completion of the transaction, the insider now owns 32,342 shares in the company, valued at approximately $6,128,485.58. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, insider Patrick K. Callahan sold 29,675 shares of the company’s stock in a transaction that occurred 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 transaction, the insider now directly owns 15,189 shares in the company, valued at $2,889,859.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction that occurred on Tuesday, March 5th. The shares were sold at an average price of $189.49, for a total transaction of $1,603,843.36. Following the completion of the sale, the insider now directly owns 32,342 shares of the company’s stock, valued at approximately $6,128,485.58. The disclosure for this sale can be found here. Insiders have sold 39,139 shares of company stock valued at $7,458,139 in the last three months. 0.34% of the stock is owned by corporate insiders.

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.