Accuvest Global Advisors Acquires Shares of 14,404 The Progressive Co. (NYSE:PGR)

Accuvest Global Advisors bought a new stake in shares of The Progressive Co. (NYSE:PGR - Free Report) in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor bought 14,404 shares of the insurance provider's stock, valued at approximately $3,472,000. Progressive comprises 4.9% of Accuvest Global Advisors' investment portfolio, making the stock its 11th largest position.

Other large investors have also recently added to or reduced their stakes in the company. Raleigh Capital Management Inc. lifted its stake in Progressive by 20.9% in the 3rd quarter. Raleigh Capital Management Inc. now owns 237 shares of the insurance provider's stock worth $60,000 after acquiring an additional 41 shares in the last quarter. Atlantic Edge Private Wealth Management LLC lifted its position in shares of Progressive by 54.7% in the fourth quarter. Atlantic Edge Private Wealth Management LLC now owns 116 shares of the insurance provider's stock worth $28,000 after purchasing an additional 41 shares in the last quarter. LRI Investments LLC boosted its holdings in shares of Progressive by 16.5% during the third quarter. LRI Investments LLC now owns 296 shares of the insurance provider's stock worth $76,000 after purchasing an additional 42 shares during the period. SYM FINANCIAL Corp grew its position in Progressive by 2.8% during the fourth quarter. SYM FINANCIAL Corp now owns 1,602 shares of the insurance provider's stock valued at $384,000 after purchasing an additional 44 shares in the last quarter. Finally, Monument Capital Management increased its stake in Progressive by 0.3% in the 4th quarter. Monument Capital Management now owns 13,762 shares of the insurance provider's stock valued at $3,298,000 after buying an additional 44 shares during the period. 85.34% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Progressive

In other Progressive news, insider Lori A. Niederst sold 3,855 shares of the firm's stock in a transaction on Thursday, January 30th. The shares were sold at an average price of $247.06, for a total value of $952,416.30. Following the sale, the insider now directly owns 39,040 shares in the company, valued at $9,645,222.40. This trade represents a 8.99 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Jeffrey D. Kelly sold 10,000 shares of the business's stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $250.00, for a total transaction of $2,500,000.00. Following the transaction, the director now owns 27,741 shares in the company, valued at approximately $6,935,250. The trade was a 26.50 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 56,361 shares of company stock valued at $13,983,575 in the last 90 days. 0.34% of the stock is currently owned by insiders.

Analyst Ratings Changes

PGR has been the subject of a number of research reports. BMO Capital Markets decreased their target price on shares of Progressive from $273.00 to $267.00 and set an "outperform" rating for the company in a research note on Monday, December 16th. HSBC cut Progressive from a "buy" rating to a "hold" rating and set a $267.00 price objective for the company. in a research report on Tuesday, December 10th. Morgan Stanley upped their target price on Progressive from $300.00 to $307.00 and gave the stock an "overweight" rating in a research report on Friday, January 31st. TD Cowen lifted their price target on Progressive from $197.00 to $237.00 and gave the company a "hold" rating in a report on Friday, November 8th. Finally, Raymond James raised Progressive from a "market perform" rating to an "outperform" rating and set a $305.00 price target for the company in a research note on Thursday, December 26th. Six equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and an average price target of $276.12.

Progressive Stock Performance

Shares of NYSE PGR traded down $1.68 during trading hours on Friday, hitting $265.99. 2,567,348 shares of the stock were exchanged, compared to its average volume of 2,505,890. The Progressive Co. has a one year low of $186.94 and a one year high of $270.79. The company's 50 day moving average is $246.89 and its 200 day moving average is $248.87. 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 firm has a market capitalization of $155.82 billion, a P/E ratio of 18.47, a P/E/G ratio of 0.68 and a beta of 0.42.

Progressive (NYSE:PGR - Get Free Report) last released its earnings results on Wednesday, January 29th. The insurance provider reported $4.08 earnings per share for the quarter, topping analysts' consensus estimates of $3.44 by $0.64. Progressive had a net margin of 11.25% and a return on equity of 33.79%. On average, research analysts expect that The Progressive Co. will post 14.5 EPS for the current year.

Progressive Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, January 16th. Investors of record on Thursday, January 9th were paid a dividend of $0.10 per share. The ex-dividend date was Friday, January 10th. This represents a $0.40 annualized dividend and a yield of 0.15%. Progressive's payout ratio is 2.78%.

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.