2,385 Shares in The Progressive Co. (NYSE:PGR) Bought by GM Advisory Group LLC

GM Advisory Group LLC bought a new stake in The Progressive Co. (NYSE:PGR) during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 2,385 shares of the insurance provider’s stock, valued at approximately $571,000.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. OVERSEA CHINESE BANKING Corp Ltd increased its stake in shares of Progressive by 1.6% during the 4th quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 6,591 shares of the insurance provider’s stock worth $1,579,000 after purchasing an additional 103 shares during the last quarter. Xponance Inc. increased its position in Progressive by 2.5% during the fourth quarter. Xponance Inc. now owns 128,693 shares of the insurance provider’s stock worth $30,836,000 after buying an additional 3,156 shares during the last quarter. Generali Asset Management SPA SGR bought a new position in Progressive during the fourth quarter valued at about $16,644,000. Evoke Wealth LLC lifted its position in shares of Progressive by 21.7% in the fourth quarter. Evoke Wealth LLC now owns 1,442 shares of the insurance provider’s stock worth $345,000 after buying an additional 257 shares during the last quarter. Finally, Horizon Investments LLC boosted its stake in shares of Progressive by 12.2% during the 4th quarter. Horizon Investments LLC now owns 9,738 shares of the insurance provider’s stock worth $2,289,000 after acquiring an additional 1,061 shares in the last quarter. 85.34% of the stock is owned by hedge funds and other institutional investors.

Progressive Price Performance

Shares of Progressive stock opened at $273.19 on Thursday. The firm has a market cap of $160.14 billion, a P/E ratio of 18.97, a price-to-earnings-growth ratio of 1.70 and a beta of 0.35. The firm’s 50-day simple moving average is $260.59 and its 200-day simple moving average is $254.70. The Progressive Co. has a twelve month low of $201.34 and a twelve month high of $292.99. 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) last released its quarterly earnings data on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, beating 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%. As a group, research analysts expect that The Progressive Co. will post 14.68 EPS for the current fiscal year.

Progressive Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, April 11th. Shareholders of record on Thursday, April 3rd will be issued a dividend of $0.10 per share. The ex-dividend date is Thursday, April 3rd. This represents a $0.40 dividend on an annualized basis and a dividend yield of 0.15%. Progressive’s payout ratio is presently 2.78%.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Bank of America decreased their target price on Progressive from $333.00 to $318.00 and set a “buy” rating for the company in a research report on Monday, March 10th. StockNews.com lowered shares of Progressive from a “buy” rating to a “hold” rating in a research note on Friday, March 14th. HSBC downgraded shares of Progressive from a “buy” rating to a “hold” rating and set a $267.00 target price on the stock. in a report on Tuesday, December 10th. Hsbc Global Res downgraded Progressive from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, Keefe, Bruyette & Woods dropped their price objective on Progressive from $295.00 to $294.00 and set an “outperform” rating on the stock in a research note on Friday, January 10th. Seven equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Progressive has a consensus rating of “Moderate Buy” and a consensus target price of $281.76.

Insider Activity

In other news, insider Andrew J. Quigg sold 681 shares of Progressive stock in a transaction that occurred on Friday, January 3rd. The shares were sold at an average price of $242.10, for a total value of $164,870.10. Following the completion of the transaction, the insider now owns 33,612 shares in the company, valued at approximately $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 accessible through this link. Also, CFO John P. Sauerland sold 10,000 shares of the stock in a transaction that occurred on Monday, December 30th. The stock was sold at an average price of $238.66, for a total value of $2,386,600.00. Following the sale, the chief financial officer now owns 282,958 shares in the company, valued at approximately $67,530,756.28. This trade represents a 3.41 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 65,495 shares of company stock worth $16,668,034. Corporate insiders own 0.34% of the company’s stock.

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.