Mitchell Mcleod Pugh & Williams Inc. Buys Shares of 1,312 The Progressive Co. (NYSE:PGR)

Mitchell Mcleod Pugh & Williams Inc. purchased a new stake in The Progressive Co. (NYSE:PGR) during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,312 shares of the insurance provider’s stock, valued at approximately $209,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Compass Ion Advisors LLC lifted its stake in Progressive by 0.8% in the fourth quarter. Compass Ion Advisors LLC now owns 7,443 shares of the insurance provider’s stock valued at $1,186,000 after acquiring an additional 59 shares during the last quarter. Cary Street Partners Investment Advisory LLC lifted its stake 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 valued at $93,000 after purchasing an additional 62 shares during the last quarter. Quent Capital LLC grew its holdings in 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 purchasing an additional 69 shares during the period. BSW Wealth Partners grew its holdings in Progressive by 4.2% during the fourth quarter. BSW Wealth Partners now owns 1,727 shares of the insurance provider’s stock worth $275,000 after purchasing an additional 69 shares during the period. Finally, Perigon Wealth Management LLC increased its position in Progressive by 2.2% during the fourth quarter. Perigon Wealth Management LLC now owns 3,231 shares of the insurance provider’s stock worth $515,000 after buying an additional 70 shares during the last quarter. 85.34% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research analysts have recently commented on PGR shares. BMO Capital Markets lifted their target price on Progressive from $185.00 to $200.00 and gave the stock an “outperform” rating in a research note on Thursday, January 25th. Keefe, Bruyette & Woods increased their price objective on shares of Progressive from $190.00 to $200.00 and gave the company a “market perform” rating in a research report on Wednesday, April 10th. TD Cowen began coverage on shares of Progressive in a report on Wednesday, January 10th. They set a “market perform” rating and a $174.00 target price for the company. UBS Group increased their price target on shares of Progressive from $216.00 to $218.00 and gave the company a “neutral” rating in a report on Wednesday, April 17th. Finally, Bank of America reduced their price objective on Progressive from $279.00 to $273.00 and set a “buy” rating for the company in a report on Wednesday, April 17th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and nine have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $211.88.

Progressive Trading Down 0.7 %

PGR opened at $206.67 on Tuesday. The stock has a market capitalization of $121.05 billion, a price-to-earnings ratio of 21.15, a P/E/G ratio of 0.82 and a beta of 0.35. The company has a quick ratio of 0.31, a current ratio of 0.36 and a debt-to-equity ratio of 0.32. The Progressive Co. has a twelve month low of $111.41 and a twelve month high of $216.21. The company has a 50-day simple moving average of $202.80 and a 200 day simple moving average of $178.44.

Progressive (NYSE:PGR) last issued its earnings results on Friday, April 12th. The insurance provider reported $3.94 EPS for the quarter, beating the consensus estimate of $3.20 by $0.74. The company had revenue of $18.96 billion during the quarter, compared to analysts’ expectations of $16.88 billion. Progressive had a net margin of 8.89% and a return on equity of 29.43%. The business’s revenue for the quarter was up 17.7% compared to the same quarter last year. During the same period in the previous year, the company earned $0.65 EPS. Analysts predict that The Progressive Co. will post 11.34 EPS for the current fiscal year.

Progressive Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, April 12th. Investors of record on Thursday, April 4th were given a dividend of $0.10 per share. The ex-dividend date of this dividend was Wednesday, April 3rd. This represents a $0.40 annualized dividend and a dividend yield of 0.19%. Progressive’s dividend payout ratio is currently 4.09%.

Insider Transactions at Progressive

In related news, Director Devin C. Johnson sold 1,000 shares of the firm’s stock in a transaction on Wednesday, April 17th. The stock was sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Progressive news, Director Devin C. Johnson sold 1,000 shares of the business’s stock in a transaction that occurred on Wednesday, April 17th. The shares were sold at an average price of $208.33, for a total transaction of $208,330.00. Following the sale, the director now directly owns 7,176 shares of the company’s stock, valued at approximately $1,494,976.08. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Karen Bailo sold 8,464 shares of the firm’s stock in a transaction 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 transaction, 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. Over the last 90 days, insiders sold 39,139 shares of company stock valued at $7,458,139. 0.34% of the stock is currently owned by insiders.

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.