5,896 Shares in The Progressive Co. (NYSE:PGR) Bought by Sagespring Wealth Partners LLC

Sagespring Wealth Partners LLC acquired a new stake in The Progressive Co. (NYSE:PGR) during the 4th quarter, according to its most recent disclosure with the SEC. The fund acquired 5,896 shares of the insurance provider’s stock, valued at approximately $1,413,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Webster Bank N. A. acquired a new position in shares of Progressive during the fourth quarter worth about $26,000. Hager Investment Management Services LLC acquired a new position in Progressive during the 4th quarter worth approximately $28,000. Atlantic Edge Private Wealth Management LLC grew 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 in the last quarter. Valley National Advisers Inc. raised its holdings 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 valued at $29,000 after purchasing an additional 120 shares during the last quarter. Finally, Atala Financial Inc bought a new stake in shares of Progressive in the fourth quarter worth $32,000. 85.34% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Progressive

In related news, CEO Susan Patricia Griffith sold 11,021 shares of the company’s stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $243.29, for a total transaction of $2,681,299.09. Following the completion of the sale, the chief executive officer now directly owns 473,736 shares in the company, valued at $115,255,231.44. This represents a 2.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Andrew J. Quigg sold 962 shares of Progressive stock in a transaction dated Wednesday, January 22nd. The shares were sold at an average price of $243.29, for a total value of $234,044.98. Following the completion of the transaction, the insider now owns 34,787 shares in the company, valued at approximately $8,463,329.23. This represents a 2.69 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 56,317 shares of company stock valued at $14,844,282. Company insiders own 0.34% of the company’s stock.

Progressive Trading Up 1.0 %

Shares of NYSE:PGR opened at $275.78 on Monday. The company has a market capitalization of $161.67 billion, a P/E ratio of 19.15, a P/E/G ratio of 1.70 and a beta of 0.38. The company has a debt-to-equity ratio of 0.27, a current ratio of 0.31 and a quick ratio of 0.30. The business’s 50 day simple moving average is $271.85 and its 200 day simple moving average is $257.23. The Progressive Co. has a 1 year low of $201.34 and a 1 year high of $292.99.

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

Progressive Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, April 11th. Stockholders of record on Thursday, April 3rd were given a $0.10 dividend. This represents a $0.40 annualized dividend and a dividend yield of 0.15%. The ex-dividend date was Thursday, April 3rd. Progressive’s payout ratio is presently 2.78%.

Wall Street Analysts Forecast Growth

Several brokerages have commented on PGR. StockNews.com cut shares of Progressive from a “buy” rating to a “hold” rating in a research report on Friday, April 4th. BMO Capital Markets reduced their price target on Progressive from $273.00 to $267.00 and set an “outperform” rating for the company in a research report on Monday, December 16th. UBS Group boosted their price target on Progressive from $275.00 to $285.00 and gave the stock a “neutral” rating in a research report on Friday, March 14th. Morgan Stanley increased their price objective on Progressive from $300.00 to $307.00 and gave the company an “overweight” rating in a report on Friday, January 31st. Finally, Barclays boosted their target price on shares of Progressive from $285.00 to $297.00 and gave the stock an “equal weight” rating in a report on Friday. Eight analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $283.71.

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.