Wealth Enhancement Advisory Services LLC bought a new stake in shares of The Progressive Co. (NYSE:PGR – Free Report) in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 43,304 shares of the insurance provider’s stock, valued at approximately $6,195,000.
Several other large investors have also recently made changes to their positions in the business. MinichMacGregor Wealth Management LLC purchased a new position in Progressive in the 4th quarter worth approximately $26,000. Capital Directions Investment Advisors LLC purchased a new position in Progressive in the 4th quarter worth approximately $27,000. Horan Securities Inc. raised its holdings in Progressive by 588.6% in the 1st quarter. Horan Securities Inc. now owns 241 shares of the insurance provider’s stock worth $34,000 after acquiring an additional 206 shares during the last quarter. Neo Ivy Capital Management purchased a new position in Progressive in the 2nd quarter worth approximately $35,000. Finally, RFP Financial Group LLC purchased a new position in Progressive in the 4th quarter worth approximately $39,000. 83.72% of the stock is currently owned by hedge funds and other institutional investors.
Progressive Trading Down 0.3 %
Shares of Progressive stock opened at $131.26 on Monday. The company has a market capitalization of $76.84 billion, a P/E ratio of 93.09, a P/E/G ratio of 1.01 and a beta of 0.50. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.37 and a current ratio of 0.37. The company has a fifty day moving average of $131.21 and a 200 day moving average of $135.48. The Progressive Co. has a fifty-two week low of $109.42 and a fifty-two week high of $149.87.
Progressive Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Friday, July 14th. Investors of record on Friday, July 7th will be issued a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 0.30%. The ex-dividend date of this dividend is Thursday, July 6th. Progressive’s dividend payout ratio is currently 28.37%.
Wall Street Analysts Forecast Growth
PGR has been the subject of a number of research reports. Evercore ISI decreased their target price on shares of Progressive from $167.00 to $163.00 and set an “outperform” rating for the company in a research note on Friday, April 14th. Morgan Stanley initiated coverage on shares of Progressive in a research note on Tuesday, June 20th. They set an “equal weight” rating and a $135.00 target price for the company. Jefferies Financial Group boosted their target price on shares of Progressive from $159.00 to $168.00 and gave the company a “buy” rating in a research note on Monday, April 10th. Bank of America boosted their target price on shares of Progressive from $198.00 to $206.00 in a research note on Thursday, June 15th. Finally, JPMorgan Chase & Co. boosted their target price on shares of Progressive from $132.00 to $146.00 in a research note on Thursday. Two analysts have rated the stock with a sell rating, seven have issued a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat, Progressive has an average rating of “Hold” and an average target price of $148.80.
Insider Buying and Selling
In other Progressive news, CFO John P. Sauerland sold 12,000 shares of the business’s stock in a transaction on Wednesday, May 31st. The shares were sold at an average price of $127.55, for a total value of $1,530,600.00. Following the sale, the chief financial officer now owns 333,507 shares in the company, valued at approximately $42,538,817.85. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, Director Philip Bleser sold 2,000 shares of the company’s stock in a transaction dated Wednesday, April 19th. The shares were sold at an average price of $139.86, for a total transaction of $279,720.00. Following the sale, the director now directly owns 2,129 shares in the company, valued at approximately $297,761.94. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO John P. Sauerland sold 12,000 shares of the company’s stock in a transaction dated Wednesday, May 31st. The shares were sold at an average price of $127.55, for a total transaction of $1,530,600.00. Following the sale, the chief financial officer now owns 333,507 shares in the company, valued at $42,538,817.85. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,930 shares of company stock valued at $3,520,185. Company insiders own 0.33% of the company’s stock.
About Progressive
The Progressive Corporation, an insurance holding company, provides personal and commercial auto, personal residential and commercial property, 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.
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